Brean Murray Carret & Co. Starts Amgen (AMGN) at Buy, Still Biotech King
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Price: $262.75 -0.5%
Rating Summary:
20 Buy, 13 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
Rating Summary:
20 Buy, 13 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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Brean Murray Carret & Co. initiates coverage on Amgen (NASDAQ: AMGN) with a Buy. PT $96.00.
"Amgen remains the largest biotechnology company in the world, both in terms of market capitalization and annual revenue," the analyst comments. "Amgen's mature franchises are mostly in decline but still generating >$5B annually in operating cash flow, which the company has put to use, along with long-term debt to aggressively repurchase shares and, as of 2011, to distribute dividends to shareholders. These programs have been met with broad shareholder approval. Meanwhile, AMGN has made significant progress to revamp its late-stage pipeline. Since the beginning of 2011, AMGN has spent more than $2B in cash to bring in three Phase II/III compounds that complement its development and commercialization strategy. In the near term, we expect investors to focus mostly on the progress of Prolia/Xgeva's market expansion. Over the longer term, we expect AMGN's pipeline to drive investor sentiment."
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 $83.46 yesterday.
"Amgen remains the largest biotechnology company in the world, both in terms of market capitalization and annual revenue," the analyst comments. "Amgen's mature franchises are mostly in decline but still generating >$5B annually in operating cash flow, which the company has put to use, along with long-term debt to aggressively repurchase shares and, as of 2011, to distribute dividends to shareholders. These programs have been met with broad shareholder approval. Meanwhile, AMGN has made significant progress to revamp its late-stage pipeline. Since the beginning of 2011, AMGN has spent more than $2B in cash to bring in three Phase II/III compounds that complement its development and commercialization strategy. In the near term, we expect investors to focus mostly on the progress of Prolia/Xgeva's market expansion. Over the longer term, we expect AMGN's pipeline to drive investor sentiment."
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 $83.46 yesterday.
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