Movement Alert｜Amgen Rises 3.07% Overnight, Multiple Investment Banks Raise Price Targets Amid Sector Strength

Market Focus

Jul 17

On July 17, Amgen rose 3.07% overnight, trading at $383.0 per share, with turnover of $1.0106 million. The rally was driven by a wave of investment bank target price upgrades combined with broad strength across the biopharma sector.

On the news front, UBS raised its price target on Amgen from $400 to $420 while maintaining a Buy rating. Bank of America Securities lifted its target from $307 to $312, and Truist Securities raised its target from $327 to $340. Morgan Stanley noted that biopharma sector performance in the second half is expected to be driven more by company fundamentals rather than macroeconomic factors. Additionally, RBC previously highlighted Amgen's well-diversified business with no single product driving over 10% of top-line revenue, no upcoming existential loss of exclusivity, and an emerging pipeline supporting an incrementally positive outlook.

Within the Biotechnology sector, peers also posted gains, with AbbVie up 0.62%, Gilead Sciences up 1.22%, Vertex Pharmaceuticals up 0.79%, and Regeneron Pharmaceuticals up 0.99%, reflecting broad sector momentum.

(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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The rally was driven by a wave of investment bank target price upgrades combined with broad strength across the biopharma sector.</p><p>On the news front, UBS raised its price target on Amgen from $400 to $420 while maintaining a Buy rating. Bank of America Securities lifted its target from $307 to $312, and Truist Securities raised its target from $327 to $340. Morgan Stanley noted that biopharma sector performance in the second half is expected to be driven more by company fundamentals rather than macroeconomic factors. 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