Kennen MacKay of RBC Capital is maintaining a hold rating for Amgen Inc. (NASDAQ:AMGN) with a price target of $192. In the last session Amgen’s stock opened the day at $169.69 which is close $166.30 which is its 52-week low.
Analysts set price target of $210.39
MacKay is a top analyst according to TipRanks.com with a five star rating and a 53.9% success rate and average return of around 13.4%. MacKay covers stocks in in the healthcare sector with notable companies that he covers including Akebia therapeutics, Aimmune Therapeutics and Alexion Pharmaceuticals.
Analysts suggests that Amgen has Moderate Buy consensus rating with an average price target of around $210.39 which is a 23.9% gain from the current price levels. On May 14 JP Morgan issued a report that maintaining a Hold rating on Amgen stock with a price target set at $190.
The company performed exceptionally well in Q1 2019 generating revenue of $5.6 billion with product sales being $5.3 billion. Sales declined by 1% year-over –year, despite increased demand for the company’s new products sales were offset by the decline in demand of mature products.
Amgen making milestones in oncology
Amgen is a proven pharmaceutical company that earns quarterly revenue of over$5 billion from a range of products that include cancer drugs that generated $1.2 billion in Q1. The company as looking to strengthen its position as a leading oncology company once t presents its Bispecific T Cell Engager drugs at ASCO. The BiTE drugs will improve the ability of the immune system to discover and destroy cancer cells through binding to a T cell and target.
Amgen plans to discuss their AMG 420 which is a drug that targets BCMA shown by multiple myeloma cancer cells at the ASCO. Last year the company indicated that patients who had been pre-treated with AMG420 demonstrated positive response. If the data updated at ASCO is good then the drug will revolutionize late line treatment.
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