Wells Fargo Boosts Amgen Price Target Ahead of Crucial Drug Trial

Wells Fargo has increased its price target for Amgen stock to $435 from $400, while maintaining an Equal Weight rating.

The stock currently trades at $444.12, near its 52-week high of $447.03, and has delivered a strong 63% return over the past year.

Ahead of anticipated results from a drug trial in the Lp(a) class, Wells Fargo noted that a positive outcome would likely represent one of the most important de-risking events for olpasiran to date, while a negative readout could raise questions about the Lp(a) class.