Amgen's Stock Holds Steady Amid Obesity Drug Pipeline Shift

Amgen's stock has stabilized around its recent price of $415.21 on Nasdaq, despite an analyst raising their 12-month target to $380.

This represents a potential upside of roughly mid-single digits from the latest closing price and highlights expectations that newer assets can sustain growth as legacy products mature.

The analyst's raised target follows Amgen's strategic reset in its obesity drug pipeline, which included halting further development of AMG 513 to focus resources on MariTide, an advanced therapy that has progressed into later-stage clinical trials.

This shift is seen as a way for Amgen to concentrate on one main late-stage program rather than several earlier bets with overlapping mechanisms and higher development risk, potentially improving capital efficiency and commercialization timelines.