Baird Defends Amgen (AMGN); EVOLVE Miss Isn't Dire Straights, But Does Remove A Source of Upside
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Price: $104.53 +0.28%
Rating Summary:
12 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
12 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade AMGN Now!
Baird reiterates an 'Outperform' on Amgen (NASDAQ: AMGN) price target of $75.00.
Analyst, Christopher Raymond, said, "Reiterate rating and price target after AMGN reported that Sensipar did not meet its primary endpoint in the EVOLVE cardiovascular (CV) outcomes trial. While a failed trial is never good, we get the impression that Street expectations for trial success were minimal. Although this does remove upside as a successful trial could have strengthened the drug's profile and improved future reimbursement negotiations, we don't model success and thus are making no changes to our model."
Shares of AMGN started off the week trading around $68, but ramped up to $70.87 by Thursday (6/7), before giving some back...last trade $69.17.
For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.
Shares of Amgen closed at $69.10 yesterday, with a 52 week range of $47.66-$72.00.
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Analyst, Christopher Raymond, said, "Reiterate rating and price target after AMGN reported that Sensipar did not meet its primary endpoint in the EVOLVE cardiovascular (CV) outcomes trial. While a failed trial is never good, we get the impression that Street expectations for trial success were minimal. Although this does remove upside as a successful trial could have strengthened the drug's profile and improved future reimbursement negotiations, we don't model success and thus are making no changes to our model."
Shares of AMGN started off the week trading around $68, but ramped up to $70.87 by Thursday (6/7), before giving some back...last trade $69.17.
For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.
Shares of Amgen closed at $69.10 yesterday, with a 52 week range of $47.66-$72.00.
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Robert W Baird
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