Amgen (AMGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Yee from Jefferies maintained a Buy rating on the stock and has a $350.00 price target.
Michael Yee has given his Buy rating due to a combination of factors that suggest a positive outlook for Amgen’s stock. The recent top-line data from the Phase III IGNITE study indicates improved efficacy for Amgen’s rocatinlimab, showing a 30% EASI-75 response at the high dose, which is competitive with other treatments in the atopic dermatitis space. This positions Amgen to potentially capture market share, especially among patients who are refractory to existing treatments.
Additionally, the company’s focus on obesity treatments and the potential for significant guidance raises in the second half of 2025 add to the stock’s attractiveness. The promising Phase II obesity data expected later this year could serve as a significant catalyst if quarterly dosing proves feasible, enhancing the company’s growth prospects. Overall, these developments contribute to a favorable risk/reward profile for Amgen, justifying the Buy rating.
Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMGN in relation to earlier this year.
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