Canaccord raised its price target on Amgen to $440 from $384 on Tuesday, maintaining a Hold rating after the biotechnology company reported third-quarter results and updates on several pipeline programs. Amgen shares have gained nearly 60% over the past year and are trading near their 52-week high of $475.64.
Amgen recorded third-quarter revenue and earnings above expectations, supported by Enbrel, Uplizna, Imdelltra, Repatha, Evenity and Krystexxa. This growth offset weaker performance from Prolia, Xgeva, Tepezza and Tavneos. Lower operating expenses and other income also contributed to the earnings beat.
The company raised its 2026 revenue and earnings-per-share guidance. It also reported positive Phase 3 results for Imdelltra in first-line maintenance treatment for extensive-stage small cell lung cancer, Tezspire in eosinophilic esophagitis, and Dazodalibep in systemic Sjögren’s disease.
Canaccord increased its estimates for Amgen, saying the higher guidance and pipeline progress supported some multiple expansion. Upcoming developments include Phase 3 data for Dazodalibep in symptomatic Sjögren’s disease, expected by year-end. Full Phase 3 results for Novartis’s Pelacarsen, a treatment targeting lipoprotein(a), are expected at the American Heart Association meeting from Nov. 6 to 9.
Amgen has completed enrollment in MariTide Phase 3 trials for sleep apnea and cardiovascular outcomes. The company also began its first Phase 3 study of MariTide in type 2 diabetes during the third quarter.
Sources: Investing.com News.