Citi raises Amgen stock price target to $305 on growth assets

Published 22/07/2025, 10:54
Citi raises Amgen stock price target to $305 on growth assets

Investing.com - Citi has raised its price target on Amgen (NASDAQ:AMGN) to $305.00 from $300.00 while maintaining a Neutral rating on the stock. The biotech giant, with a market capitalization of $159 billion, has demonstrated strong financial health according to InvestingPro data, maintaining a 3.2% dividend yield and showing 15.6% revenue growth over the last twelve months.

The research firm cited select volume growth assets and Horizon portfolio performance as key factors that could help offset erosion in Amgen’s denosumab franchise. Citi noted that the Horizon portfolio showed 6% year-over-year growth.

Despite the positive portfolio performance, Citi analyst Geoff Meacham indicated that Tepezza, one of Amgen’s products, is "likely still stalled" in its growth trajectory.

The analyst also expressed concerns about tolerability issues with MariTide, which tempered the firm’s overall outlook on the biotech company.

These mixed factors led Citi to maintain its Neutral stance on Amgen while slightly increasing its price target by $5.00.

In other recent news, Amgen has reported positive top-line results from its Phase III FORTITUDE-101 study, evaluating bemarituzumab in combination with chemotherapy for first-line gastric cancer treatment. The trial showed significant improvement in overall survival for patients with certain types of advanced gastric cancer. Meanwhile, UBS has raised its price target for Amgen to $326, expecting a small earnings beat in the upcoming second-quarter results. BMO Capital, however, has lowered its price target to $335 due to a mixed readout from Amgen’s MariTide program at a recent conference. Piper Sandler has maintained an Overweight rating for Amgen, highlighting the success of its cancer treatment bemarituzumab, though it noted concerns about ocular adverse events. William Blair reiterated an Outperform rating following the same positive cancer trial results, emphasizing potential revenue growth from key products like Repatha and Imdelltra. These developments suggest a mixed but optimistic outlook for Amgen’s near-term performance and long-term growth potential. In other news, NodThera has appointed Dr. Jyothis George as Chief Medical (TASE:BLWV) Officer, who will lead the clinical advancement of its NLRP3 inflammasome inhibitors.

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