Amgen Stock Reiterated with Neutral Rating Amid Pipeline Concerns

Amgen's (NASDAQ:AMGN) stock received a 'neutral' rating from research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday, according to Benzinga. This is not a change in their previous rating but rather a reiteration of their existing opinion.

The price target for Amgen's stock remains at $400.00, indicating a potential downside of 8.51% from the stock's previous close.

This recommendation comes amidst recent updates on the company's pipeline, including olpasiran, an Lp(a)-lowering therapy that has shown promise in reducing cardiovascular events.

However, Novartis' disappointing trial results for its own Lp(a) cholesterol-lowering drug, pelacarsen, have cast doubt on the prospects of Amgen's olpasiran, making it a higher-risk pipeline asset.