Oppenheimer analyst Leah R. Cann maintained a Buy rating on Amgen Inc (NASDAQ: AMGN) today and set a price target of $224. The company’s shares opened today at $182.83.
Cann said:
“Blincyto is in its third year of launch and is currently the only bispecific CD19-directed CD3 T cell engager (BiTE) immunotherapy construct approved globally. We estimate Blincyto has made modest market penetration. We currently anticipate Blincyto sales will increase to $1.75 billion in 2022 from $175 million in 2017, will account for 5.5% of sales and will provide 2.0% of growth. With no approved therapies available for patients with MRD-positive ALL, we believe the recent FDA-approval in this setting is very supportive of our growth estimates for Blincyto, and today’s EC approval is supportive of our international sales outlook.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 29.2% and a 60.9% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
Currently, the analyst consensus on Amgen Inc is Strong Buy and the average price target is $197.63, representing an 8.1% upside.
In a report issued on June 5, 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 $122.6B and has a P/E ratio of 60.71. The company has a Price to Book ratio of 7.85.
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