Amgen price target lowered to $298 from $333 at Truist

Truist lowered the firm’s price target on Amgen (AMGN) to $298 from $333 and keeps a Hold rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm sees few near term catalysts that may convince investors of longer term growth and a high degree of competition in the spaces that Amgen has recently entered or is entering.