Barclays has initiated coverage on Amgen Inc. (NASDAQ:AMGN), assigning an Equalweight rating and establishing a price objective of $185.00, the bank said Thursday. The shares are trading at $375.50 and the company carries a market capitalization of $202.4 billion. Data from InvestingPro indicates the stock sits slightly above its Fair Value estimate.
In its initial coverage note, analyst Carter Gould pointed to the extended timeline for the Phase 3 MARITIME trial readout, saying that key questions tied to the study will remain unanswered for a prolonged period. Barclays added that its view on MARITIME is likely more negative than the broader market consensus.
Despite the uncertainty around MARITIME, Barclays called out two supporting factors that underpin its Equalweight rating. First, the firm described Amgen's fiscal 2026 guidance as strong. Second, Barclays expects continued momentum for the cholesterol drug Repatha following last year’s VESALIUS data. Together, those elements informed the bank’s neutral stance on the stock.
For investors seeking a deeper dive into Amgen's valuation and growth prospects, Barclays' conclusions are summarized in a Pro Research Report, which is available through InvestingPro alongside coverage of more than 1,400 other U.S. equities.
Amgen has been the subject of recent analyst activity, reflecting a wide range of views about the company’s near-term performance and longer-term potential:
- Guggenheim raised its price target to $347 after Amgen delivered a strong fourth-quarter earnings report that beat both the firm’s and consensus expectations.
- Piper Sandler increased its target to $432 while retaining an Overweight rating, citing expansion opportunities for products including Uplizna and AMG 104.
- TD Cowen reiterated a Buy rating with a $420 price target and highlighted the promise of dazodalibep for treating Sjogren’s Syndrome.
- Freedom Capital Markets downgraded Amgen from Buy to Hold despite the stronger-than-expected fourth-quarter results, and set a new target of $375.
- BofA Securities kept an Underperform rating and a $304 price target, pointing to several upcoming catalysts that could affect Amgen’s trajectory.
These moves underline the divergent analyst perspectives on Amgen's growth prospects and strategic direction, producing a broad span of price targets and ratings across the sell-side.