Scotiabank boosts Amgen stock target to USD 500 on strong results

Scotiabank has raised its target price for Amgen stock from USD 450.00 to USD 500.00, marking an 11.11 percent increase. Analyst Louise Chen maintained an outperform rating while adjusting the target upward on September 29, 2026. The new target is 39.29 percent above the current EUR 358.95 price on Lang & Schwarz, reflecting separate currency valuations.

The target revision follows a series of positive updates from Amgen, including strong second-quarter financial results. The company reported USD 10.05 billion in revenue, surpassing estimates by USD 620.0 million, or 6.58 percent. Adjusted earnings per share reached USD 6.29, beating the consensus of USD 5.62. Amgen also declared a quarterly dividend of USD 2.52 per share, yielding 2.50 percent.

On the clinical front, Amgen announced promising results from the Phase 3 OASIZ 301 study of dazodalibep for systemic Sjogren's disease. The study met its primary endpoint, showing statistically significant and clinically meaningful improvements. The company plans to present detailed data at an upcoming medical meeting, with the Phase 3 OASIZ 303 study expected to complete in the fourth quarter of 2026.

As of October 2, 2026, Amgen's stock was trading at USD 403.04 on the Nasdaq, below its 52-week high of USD 447.03. The Lang & Schwarz price remained nearly unchanged, leaving the Scotiabank target and clinical pipeline as key valuation factors.