In a report released today, Leah R. Cann from Oppenheimer maintained a Buy rating on Amgen Inc (NASDAQ: AMGN), with a price target of $224. The company’s shares closed on Friday at $185.15.
Cann commented:
“These new data from the BANTING study and previously presented data for diabetes patients in the FOURIER study demonstrate the benefit of Repatha use in this setting for patients who are unable to control their cholesterol with high-intensity statin therapy alone. These data, along with the results of our Use of PCSK9 Inhibitors in Patients with High LDL Cholesterol, May 2017, support our expectations for sales of Repatha. Worldwide Repatha sales are estimated to increase to $5.4 billion in 2022, accounting for 7.5% of Amgen’s total product sales and 33.5% of growth product sales, making it the largest driver of sales growth.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 27.5% and a 57.8% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Amgen Inc with a $197.63 average price target, implying a 6.7% upside from current levels. In a report issued on June 22, Mizuho Securities also maintained a Buy rating on the stock with a $200 price target.
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Amgen Inc’s market cap is currently $123.4B and has a P/E ratio of 61.11. The company has a Price to Book ratio of 7.90.
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