Amgen price target raised to $329 from $310 at Piper Sandler

Piper Sandler raised the firm’s price target on Amgen (AMGN) to $329 from $310 and keeps an Overweight rating on the shares. The firm notes the PSC Biopharma Research team recently co-hosted its Virtual TSLP Day, which featured virtual fireside chats with a number of thymic stromal lymphopoietin-focused companies, inclusive of Amgen. Piper gained additional insights into how Amgen is thinking about expansion opportunities for Tezspire beyond severe asthma, as well as how management is thinking about next-generation TSLP-directed compounds. All told, the firm continues to view Tezspire alone as a multi-billion-dollar U.S. opportunity, and one of Amgen’s most consequential top-line drivers longer-term.