On Monday, Piper Sandler, a well-known investment firm, increased its price target on shares of Amgen (NASDAQ:AMGN) to $329.00, up from the previous target of $310.00. The firm has maintained its Overweight rating on the biotechnology company's stock. According to InvestingPro data, Amgen, currently trading at $292.05, is a prominent player in the Biotechnology industry with a market capitalization of $157.3 billion.
The adjustment in price target came after Piper Sandler's Biopharma Research team co-hosted a Virtual TSLP Day. During this event, they engaged in virtual fireside chats with several companies focused on TSLP (thymic stromal lymphopoietin), including Amgen. The discussions provided Piper Sandler with enhanced insights into Amgen's strategy for expanding the use of Tezspire (tezepelumab) beyond its current application for severe asthma. Additionally, the firm evaluated Amgen's approach to developing next-generation TSLP-directed compounds. The company's strong financial health, rated as "GOOD" by InvestingPro, supports its ambitious growth initiatives.
Piper Sandler expressed a positive outlook on Tezspire's potential, considering it a multi-billion dollar opportunity within the U.S. market. The firm anticipates that Tezspire will become one of Amgen's most significant contributors to revenue growth over the long term. This aligns with Amgen's impressive revenue growth of 18.6% over the last twelve months, and analysts expect continued profitability this year.
In a recent note, Piper Sandler also offered commentary following Amgen's fourth-quarter results of 2024, which were initially discussed in a note dated February 4, 2025. The firm has updated its financial model for Amgen to reflect these insights and the potential they see in the company's pipeline.
The research note, which includes detailed analysis and updated projections for Amgen, can be found on pages 3-6 of Piper Sandler's publication. The firm reiterated its confidence in Amgen by maintaining the Overweight rating and raising the price target to reflect the company's growth prospects. For deeper insights into Amgen's valuation and growth potential, including 10+ additional ProTips and comprehensive financial analysis, visit InvestingPro to access the detailed Pro Research Report.
In other recent news, biotechnology firm Amgen has been the subject of several significant analyst adjustments and developments. Erste Group has upgraded Amgen's stock from Hold to Buy, highlighting the company's strong margins and upward sales trajectory. This upgrade comes as investors are closely monitoring the biotechnology sector for financially stable companies with growth prospects.
However, RBC Capital Markets and Cantor Fitzgerald have respectively adjusted their price targets for Amgen, with RBC reducing it from $324 to $320 and Cantor Fitzgerald from $405 to $340. Despite these adjustments, both firms maintain a positive outlook on Amgen's stock, citing strong quarterly earnings and the company's potential for growth.
Piper Sandler has reiterated its Overweight rating on Amgen, maintaining a price target of $310. They express confidence in the company's stability and growth potential, particularly with the anticipated introduction of drug candidate MariTide.
In addition to these analyst notes, Amgen has received FDA approval for a new treatment for metastatic colorectal cancer, further solidifying its position in the market. These recent developments underscore the dynamic landscape for Amgen within the biotechnology sector.
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