Amgen (AMGN) PT Raised to $362 at RBC Capital
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RBC Capital analyst Gregory Renza raised the price target on Amgen (NASDAQ: AMGN) to $362.00 (from $332.00) while maintaining a Outperform rating.
The analyst comments "MariTide and the obesity portfolio continue to dominate the narrative following the recent "encouraging" interim data look amidst the in-line revenues and non-GAAP EPS and narrowed FY24 guidance. The catalyst set-up for 2H24 looks very strong, in our view, from MariTide's ph.II topline in late-2024 to data readouts for rocatinlimab (AD), Uplizna (gMG), and fipaxalparant (IPF) that could collectively become meaningful drivers of revenue base expansion. We update our model on the Q and with increased levels of conviction from the earnings call and a follow-up conversation with AMGN, we increase our PoS for MariTide and introduce rocatinlimab into the pipeline valuation, resulting in a PT of $362 (from $332) and we maintain our Outperform rating."