Biotech Stocks AMGN and RGEN Soar on Strong Q2 Results and Moderna Therapy Success

Two biotech stocks have recorded significant milestones this week, drawing investor attention to their potential for growth. Amgen (AMGN) and Repligen (RGEN) are among the companies seeing increased activity following recent developments.

Amgen has received price target hikes from two brokerage firms after reporting strong second-quarter results. Argus raised its price target on the stock to $460 from $375, while maintaining a 'Buy' rating. Morgan Stanley also increased its target to $362 from $351, with an 'Overweight' rating.

Amgen's Q2 revenue grew 10% year-over-year to $10.1 billion, exceeding consensus estimates. Earnings per share rose to $6.29, also above expectations. The company's free cash flow climbed to $3.5 billion from $1.9 billion the previous year.

Repligen could potentially benefit from Moderna's (MRNA) successful Phase 3 trial for its cancer therapy. Analysts at Stifel and Wells Fargo noted that Repligen is involved in Moderna and Merck's neoantigen-therapy program, which may lead to increased demand for its bioprocessing equipment and services.