Movement Alert｜Amgen Rises 3.03% in Regular Trading, Multiple Investment Banks Raise Target Prices Amid Sector Strength

Market Focus01:53

On July 17, Amgen rose 3.03% in regular trading, trading at $369.17/share with turnover of $285 million. The rally was driven by a cluster of investment bank target price upgrades combined with broad strength across the biopharmaceutical sector.

Multiple brokerages recently raised their price targets on Amgen: UBS lifted its target to $420 from $400 while maintaining a Buy rating; BofA Securities adjusted its target to $312 from $307; and Truist Securities raised its target to $340 from $327. The consensus average target stands at approximately $357. Morgan Stanley noted that biopharma sector performance in the second half is expected to be driven more by company fundamentals rather than macroeconomic factors, which favors Amgen given its well-diversified business with no single product exceeding 10% of revenue and a promising emerging pipeline.

Within the Biotechnology sector, AbbVie rose 3.37%, Gilead Sciences gained 2.38%, and Vertex Pharmaceuticals added 1.84%, reflecting broad sector momentum that reinforced the positive sentiment around Amgen.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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