Amgen (AMGN) PT Raised to $230 at Cantor Fitzgerald Ahead of World Lung

Cantor Fitzgerald analyst Alethia Young raised the price target on Amgen (NASDAQ: AMGN) to $230.00 (from $221.00) while maintaining a Neutral rating, saying there is a potential for a KRASi move at World Lung this weekend.

Young commented, "Our gut sense is that the AMG 510 KRASi update at World Lung will remain supportive of the response rates seen earlier this year at the higher 960mg dose. We also expect to get some more conclusive evidence on durability given that, at the last update, the maximum duration was 27.4 weeks (over six months). In our view, AMG 510 remains one of Amgen’s most-important pipeline opportunities across the portfolio. We have added AMG 510 to our base case model on a probability-adjusted basis. We include market builds for NSCLC and CRC. On an unadjusted basis, our 2027 sales estimate is $2.7B, and we assume a 30% POS. With the safety profile looking very compelling so far, we are focused on combination strategies and how the therapy could move into earlier lines of treatment. With the Enbrel overhang lifted for the time being, we are more positive about the base business and think that pipeline opportunities are beginning to emerge."

You May Also Be Interested In

• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'
• Travel Food Services (TRAVELFO:IN) PT Raised to INR1,600 at ICICI Securities