Oppenheimer has reaffirmed its Outperform rating and $480 price target for Amgen Inc. following encouraging clinical trial results for its cancer therapy Imdelltra. The stock is currently trading at $439.26, close to its 52-week high of $450.98, and has seen a 55% increase over the past year. Analysts at InvestingPro suggest the stock is fairly valued at its current level.
The Phase 3 DeLLphi-305 trial demonstrated that Imdelltra, when combined with Imfinzi, reduced mortality risk by 58% compared to Imfinzi alone in first-line maintenance treatment for small cell lung cancer. Oppenheimer highlighted the drug’s potential as a cornerstone therapy across small cell lung cancer (SCLC) and noted that its broader patient reach and longer treatment duration could expand its commercial opportunities.
Oppenheimer also pointed to ongoing studies evaluating Imdelltra in induction therapy, limited-stage disease, and novel combinations. The firm emphasized progress in Amgen’s xaluritamig program for prostate cancer, reinforcing its confidence in the company’s BiTE platform. The clinical data presented at the European Society for Medical Oncology (ESMO) further bolstered Oppenheimer’s positive outlook on Amgen’s growth prospects.
In other recent developments, Amgen has been the subject of several analyst updates and clinical trial results. Truist Securities projected the company’s third-quarter 2026 revenue at $10.23 billion, surpassing the consensus estimate of $10.05 billion, with expected non-GAAP earnings per share of $5.90, compared to the consensus of $5.79. Additionally, Amgen and AstraZeneca reported positive trial results for their asthma drug Tezspire, which showed a 69% remission rate in patients with eosinophilic esophagitis.
Analysts from Cantor Fitzgerald and Truist Securities have also adjusted their price targets for Amgen, with Cantor Fitzgerald raising its target to $440 while maintaining a Neutral rating, and Truist Securities setting a target of $380, citing pipeline growth. These updates reflect a range of expectations regarding Amgen’s financial and clinical progress.