Amgen Inc (AMGN) Receives a Buy from Oppenheimer

By Carrie Williams

Oppenheimer analyst Jay Olson maintained a Buy rating on Amgen Inc (AMGNResearch Report) yesterday and set a price target of $220. The company’s shares closed yesterday at $179.32.

Olson observed:

“1Q results included non-GAAP EPS of $3.56, ahead of $3.48 consensus and revenue of $5.56B roughly matching $5.53B consensus. To a certain extent, sales performance was driven by older, end-of-lifecycle products such as Enbrel and Neulasta while recently launched products Repatha and Aimovig underperformed (Exhibits 1-2). We believe 1Q headwinds to Repatha and Aimovig are temporary and likely to be resolved based on the differentiated clinical profiles and high unmet medical needs addressed by these innovative products. We are encouraged by pipeline progress, especially in oncology, cardiovascular and inflammatory diseases. We look forward to an update on various oncology programs at ASCO. We update our model based on 1Q actuals resulting in changes to our estimates and a new $220PT ($224 prior). Maintain Outperform, details inside.”

According to, Olson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -4.8% and a 38.9% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.

Currently, the analyst consensus on Amgen Inc is a Moderate Buy with an average price target of $217.14, a 21.1% upside from current levels. In a report issued on April 16, BMO Capital also maintained a Buy rating on the stock with a $229 price target.

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The company has a one-year high of $210.19 and a one-year low of $165.22. Currently, Amgen Inc has an average volume of 2.93M.

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