Flynn Reaffirms Hold on Amgen Amid Strong Q2 Results and Revised Guidance

Morgan Stanley's Terence Flynn has reaffirmed his Hold rating on Amgen (no ticker mentioned), citing the company's strong Q2 performance and revised 2026 guidance. Flynn believes that Amgen's current share price already reflects these positives, limiting further upside.

The analyst points to upcoming external and pipeline catalysts, such as Novartis's Phase 3 Lp(a) results and Dazo's Phase 3 Sjögren's data, which could shift the risk-reward profile. However, their outcomes remain uncertain until greater clarity emerges on these drivers.

In light of this, Flynn views Amgen's valuation as balanced, supporting a Hold stance rather than a more aggressive rating. His price target has been raised to $351.00 from $333.00, while Canaccord Genuity also maintained a Hold rating with a price target of $384.00.