Amgen Inc Receives a Buy from Oppenheimer

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 opened today at $171.35.

Cann wrote:

“Repatha launched in 2016 with sales of $141 million, and we estimate it will have meaningful penetration by 2022. 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. The EC’s approval of the label expansion is in line with our expectations, as is the timing. This approval and the FDA sBLA approval this past the results of our Use of PCSK9 Inhibitors in Patients with High LDL Cholesterol, May 2017, support our expectations for sales of Repatha.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 16.9% and a 58.3% 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 Moderate Buy and the average price target is $198.71, representing a 16.0% upside.

In a report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $200 price target.

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The company has a one-year high of $201.23 and a one-year low of $152.16. Currently, Amgen Inc has an average volume of 4.83M.

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