UBS Lowers Amgen Price Target Amid Olpasiran Trial Concerns

UBS has revised its price target for Amgen Inc. (AMGN) to $430 from $440, while maintaining a Buy rating on the stock.

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.

UBS cited a lower probability of success for Amgen’s olpasiran following results from Novartis's pelacarsen Lp(a) missing the MACE-4 endpoint in the Phase III HORIZON cardiovascular outcomes trial.

Michael Yee, UBS analyst, issued the revised price target, which reflects a reassessment of olpasiran’s commercial prospects in light of the Novartis trial outcome.