Stocks
UBS Trims Amgen Stock Price Target to $430 Amid Olgasiran Concerns
Amgen Inc.'s (NASDAQ:) stock price target was lowered to $430 by UBS, following a competitor's drug trial results. The firm cited a lower probability of success for Amgen's olpasiran due to Novartis's pelacarsen Lp(a) missing the MACE-4 endpoint in the Phase III HORIZON cardiovascular outcomes trial.
UBS analyst Michael Yee reduced the valuation multiple to approximately 17 times from 18 times previously, applied to its 2027 earnings per share estimate of $24.91. The stock currently trades at $376.35 with a P/E ratio of 23.36.
Despite this cautionary stance, 13 analysts have revised their earnings upwards for the upcoming period, according to InvestingPro analysis. This suggests broader optimism about Amgen's prospects.