Oppenheimer Believes Amgen Inc (NASDAQ: AMGN) Still Has Room to Grow

By Austin Angelo

Oppenheimer analyst Leah R. Cann reiterated a Buy rating on Amgen Inc (NASDAQ: AMGN) today and set a price target of $189. The company’s shares closed on Friday at $177.13, close to its 52-week high of $184.21.

R. Cann said:

“Amgen and partner UCB announced on Sunday, July 16, that FDA has issued a Complete Response Letter for the BLA for Evenity (romosozumab). The original submission included data from the pivotal phase III FRAME study of postmenopausal women with osteoporosis. It was reported that with the availability of data from the phase III ARCH study, FDA has asked that the efficacy and safety data from the study be integrated into the application. Amgen reported the resubmission will also include the efficacy and safety data from the BRIDGE study evaluating Evenity in men with osteoporosis. Amgen is addressing the request in the form of a resubmission, which is an extension of the current review.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 15.6% and a 80.0% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Syros Pharmaceuticals, and Seattle Genetics.

Currently, the analyst consensus on Amgen Inc is Moderate Buy and the average price target is $184.82, representing a 4.3% upside.

In a report issued on July 11, Jefferies also resumed coverage with a Buy rating on the stock with a $195 price target.

Amgen Inc’s market cap is currently $130.4B and has a P/E ratio of 16.82. The company has a book value ratio of 4.2558.

Based on the recent corporate insider activity of 82 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.