Piper Sandler raised its price target on Amgen Inc. (NASDAQ:AMGN) to $432 from $381 on Tuesday while retaining an Overweight rating. The new target implies upside from Amgen's then-trading level of $373.36, with the stock roughly 0.97% below its 52-week high of $385.12.
The firm based its update in part on a fireside chat with Amgen senior management held as part of Piper Sandler's Virtual Novel Targets in Immunology Symposium. The discussion touched on expansion opportunities for Uplizna and progress on the ongoing Phase II study of an inhalable TSLP-directed therapy, AMG 104. Management also reviewed data and development plans for other pipeline programs.
During the session, Amgen's team covered daxdilimab following positive Phase II results in discoid lupus erythematosus and outlined the Phase III program for dazodalibep in Sjogren's syndrome. Piper Sandler said its higher price target reflects updated modeling after Amgen's fourth-quarter 2025 results, which showed the company achieved nearly 10% revenue growth over the last twelve months.
The revision to the target incorporates higher sales estimates for Uplizna and Tezspire and factors in the rolling forward of the discount period used in the price target calculation. Piper Sandler reiterated its Overweight view on the biotechnology company, which has a market capitalization of $201.27 billion.
Amgen's recent quarterly report provided the backdrop for these analyst adjustments. The company reported fourth-quarter revenue of $9.87 billion, ahead of the consensus $9.47 billion. Earnings per share were $5.29, beating the expected $4.73. Management highlighted strong sales of Prolia, Repatha, Evenity, and Uplizna as meaningful contributors to the quarter.
Following the earnings release, several brokerages moved to update their targets and ratings, reflecting a range of views among equity analysts. RBC Capital raised its price target to $360 while maintaining an Outperform rating. Cantor Fitzgerald lifted its target to $350, citing a $396 million top-line beat and an EPS beat of $0.60. Guggenheim moved its target to $347, referencing solid earnings and fiscal year 2026 guidance that exceeded expectations. Freedom Capital Markets downgraded its stance from Buy to Hold but increased its target to $375. Meanwhile, BofA Securities reiterated an Underperform rating with a $304 target and highlighted several important upcoming catalysts for the company.
These developments underscore a diversity of analyst perspectives following Amgen's latest results and pipeline updates, with some firms raising targets and maintaining favorable ratings while others remain cautious despite the recent beat on revenue and earnings.
Summary
Piper Sandler raised its Amgen price target to $432 and kept an Overweight rating after a management fireside chat and updated modeling that accounted for stronger sales forecasts for Uplizna and Tezspire and near-term revenue momentum. Amgen reported fourth-quarter revenue and EPS that beat consensus, driven by sales of key products.
Key points
- Piper Sandler increased its price target to $432 from $381 and reiterated Overweight; the stock was trading at $373.36, about 0.97% below its 52-week high.
- Management discussed expansion plans for Uplizna, the Phase II inhalable AMG 104 study, positive Phase II results for daxdilimab, and a Phase III program for dazodalibep.
- Amgen reported Q4 revenue of $9.87 billion and EPS of $5.29, both above consensus, with strong sales of Prolia, Repatha, Evenity, and Uplizna contributing to results.
Risks and uncertainties
- Pipeline outcomes remain a material uncertainty, including results from the Phase II study of AMG 104 and ongoing Phase III work for dazodalibep; trial progress and outcomes could affect valuations and sales projections.
- Analyst views are divergent across the brokerage community, as illustrated by a spread of price targets and ratings, which creates uncertainty for market sentiment and stock performance.
- Future sales performance of key products such as Prolia, Repatha, Evenity, Uplizna, and Tezspire will influence near-term results and analyst modeling.