Stocks
UBS Cuts Amgen Price Target Amid Rival Trial Outcome Concerns
UBS has revised its price target for Amgen Inc. (AMGN) shares to $430 from $440, citing concerns over the commercial prospects of its olpasiran drug following a rival's trial outcome.
The firm reduced its valuation multiple to approximately 17 times from 18 times previously, applied to its 2027 earnings per share estimate of $24.91. This move reflects UBS's reassessment of Amgen's olpasiran in light of Novartis's pelacarsen Lp(a) missing the MACE-4 endpoint in the Phase III HORIZON cardiovascular outcomes trial.
Despite this, 13 analysts have revised their earnings upwards for the upcoming period, according to InvestingPro analysis. This suggests broader optimism despite UBS's cautious stance on Amgen's stock.