Amgen reinstated with an Underperform at BofA

BofA analyst Tim Anderson reinstated coverage of Amgen (AMGN) with an Underperform rating and $256 price target The obesity premium is coming out of the stock, but the firm thinks “there might be more room to go,” the analyst tells investors. Additionally, lots of future patent expiries over the next 10 years will “put pressure on the base,” the firm contends.