Analysts Cite Amgen's (AMGN) Strong Therapies Pipeline to Reaffirm Bullish Outlook

Amgen Inc. (NASDAQ:AMGN) is one of the best value stocks in Goldman Sachs’ portfolio. On September 18, Piper Sandler analyst David Amsellem maintained a Buy rating on Amgen and with an unchanged price target of $342.

A few weeks before this update, William Blair analyst Matt Phipps, who also rates the stock a Buy, highlighted the importance of the company’s upcoming FORTITUDE-102 study results, which combine bemarituzumab with chemotherapy and Opdivo. A favorable outcome for this study could substantially enhance its market potential. Phipps believes that Amgen’s broader portfolio and its strong pipeline should underpin the company’s ability to create long-term value.

A good example of the underlying strength of Amgen’s pipeline is the recommendation for approval of Tezspire (tezepelumab) in the European Union (EU) on September 22. The therapy is being developed in collaboration with AstraZeneca PLC (NASDAQ:AZN) for the treatment of adult patients with chronic rhinosinusitis with nasal polyps (CRSwNP). This chronic inflammatory condition affects approximately 320 million people worldwide.

For the context of the Collaboration Agreement on Tezspire, AstraZeneca leads the development, and Amgen leads manufacturing. Costs and profits are shared equally by both companies, after AstraZeneca pays a mid-single-digit inventor royalty to Amgen.

Amgen Inc. (NASDAQ:AMGN) is a biotechnology company that focuses on discovering, developing, and manufacturing innovative therapies in the areas of oncology, cardiovascular disease, inflammation, and rare diseases.

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Disclosure: None. This article is originally published at Insider Monkey.