Wells Fargo Boosts Amgen Target to $435 Amid Key Trial Outcome

Wells Fargo has raised its price target on Amgen stock () to $435 from $400, while maintaining an Equal Weight rating. The current stock price is $444.12, nearing its 52-week high of $447.03, and has delivered a strong 63% return over the past year.

The adjustment comes ahead of anticipated results from a drug trial in the Lp(a) class. Wells Fargo noted that a positive pelacarsen outcome would likely represent one of the most important de-risking events for olpasiran to date. The firm said a negative readout would raise questions for the Lp(a) class.

The initial press release for HORIZON is likely to provide limited details and note only whether the trial is positive or negative, according to Wells Fargo. Assuming a positive trial, the firm could see an increase in probability of success to 70%, adding $10 to $15 per share. A negative trial could erase $20 to $25 per share in value based on reducing probability of success to 20%.