Biotech Stocks Surge as Amgen and Repligen Receive Price Target Hikes

Biotech stocks Amgen and Repligen saw significant gains on Wednesday after two brokerage firms raised their price targets for Amgen following its strong second-quarter results. Argus raised Amgen's target to $460 from $375, while Morgan Stanley increased its target to $362 from $351.

Amgen's Q2 revenue rose 10% year-over-year to $10.1 billion, with earnings per share reaching $6.29. This exceeded consensus estimates. Free cash flow also surged to $3.5 billion from $1.9 billion the previous year.

In related news, Repligen could potentially benefit from Moderna's successful Phase 3 trial for melanoma therapy. Stifel and Wells Fargo analysts noted that Repligen was involved in the neoantigen-therapy program, which may lead to increased demand for its bioprocessing services.