Truist raises Amgen stock price target to $380 on pipeline growth
Truist Securities raised its price target for Amgen (AMGN) to $380, citing pipeline growth and revenue projections above consensus. The stock trades at $409.77, with a Fair Value estimate of $447.80. Amgen's Q3 2026 revenue is projected at $10.23B, with non-GAAP EPS of $5.90. Recent trial data for dazodalibep showed positive results, leading to varied analyst price targets.
How this was made
The 30-second read
Why it matters
The combined analyst upgrade and trial data provide fresh, material information that could move the stock.
Market read
Amgen's stock may experience a short‑term rally as traders digest the trial success and target increase.
What to watch
The trial's long‑term safety profile and competitive landscape for Sjögren’s disease treatments.
Background
Truist Securities updated its valuation model for Amgen, citing stronger revenue forecasts and a successful Phase 3 trial for dazodalibep.
Ticker impact
Truist raised its price target on Amgen to $380 and reported positive Phase 3 trial results for dazodalibep, a new first‑report clinical breakthrough.
likely upward pressure as investors price in the trial success and higher target.
The trial outcome is a primary disclosure with material impact; analyst target raise reinforces the bullish view.
Market effects
Biotech sector may see broader optimism on late‑stage trial successes.
U.S. biotech stocks could rally in early trading.
Potential influence on global biotech investors tracking Amgen's pipeline.
Counterpoint
Some investors may wait for regulatory filing outcomes before committing.
Key entities
- companyAmgen Inc.
Biotech firm developing dazodalibep and other therapies.
- analystTruist Securities
Equity research firm that raised the price target.
