Amgen Shares Hit New High After Price Target Boost

Amgen Inc. (NASDAQ:AMGN) shares reached a new 52-week high on Tuesday after Cantor Fitzgerald increased their price target from $350 to $400.

The stock traded as high as $422.94, with a volume of 6,533 shares changing hands, and closed at $423.9560.

This upgrade comes as Amgen's commercial portfolio continues to expand, including biologics used in oncology, supportive care, nephrology, bone health, and cardiovascular disease.

Analysts have been weighing in on the company with a mix of positive and neutral sentiment. Piper Sandler restated an 'overweight' rating, while Cantor Fitzgerald maintained their neutral stance despite the price target increase.