Amgen Inc.

🇺🇸NASDAQ Global Select
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Amgen Inc. stock analysis AMGN overview
Bullish +60

Wells Fargo Raises its Price Target on Amgen (AMGN) to $390 from $375

📈 Wells Fargo raised its price target on Amgen (AMGN) to $390 from $375, maintaining an Equal Weight rating.

💊 Emerging therapies including CD20 and BAFF/APRIL could expand the myasthenia gravis market more than threefold over the next decade.

🤝 These therapies have potential U.S. sales of $15B and global sales of $20B by 2036 according to Wells Fargo's projections.

🏢 Amgen, along with peers like Vertex and Regeneron, is expected to benefit from this market expansion with upside potential.

📊 Jefferies initiated coverage on the stock last month with a Hold rating and a $350 price target, noting recent gains of 35% over six months.

💰 Amgen reported Q4 adjusted EPS of $5.29, exceeding the consensus estimate of $4.76, driven by revenue of $9.9B versus expectations.

🎯 CEO Robert Bradway stated the company delivered strong performance in 2025 with double-digit growth in revenue and earnings.

🔮 The company is entering 2026 with momentum across its portfolio and a focus on advancing new therapies globally.

⚠️ A separate article suggests that certain AI stocks may offer greater upside potential with less downside risk than Amgen currently.

💼 This analysis does not disclose any conflicts of interest or material holdings by the analysts involved in these updates.

Bullish Signals
  • Wells Fargo raised its price target on Amgen from $375 to $390, signaling strong institutional confidence in the stock's future performance.
  • Amgen reported Q4 adjusted EPS of $5.29, which beat the consensus estimate of $4.76, while revenue reached $9.9B against expectations of $9.45B.
  • The company delivered double-digit growth in both revenue and earnings during 2025, demonstrating a successful trajectory entering 2026 with portfolio momentum.
  • Emerging therapies such as CD20, BAFF/APRIL, and next-generation complement inhibitors could expand the generalized myasthenia gravis market more than threefold over the next decade.
  • These new therapies have the potential to reach $15B in U.S. sales and $20B globally by 2036, creating significant upside from current Street expectations.
  • Amgen's stock has gained about 35% over the past six months, reflecting recent positive market sentiment according to Jefferies coverage initiated on March 10, 2026.
Risk Factors
  • Wells Fargo raised the price target to $390 but maintained an Equal Weight rating, which suggests Amgen is viewed as fairly valued rather than significantly undervalued despite recent gains.
  • Jefferies initiated coverage with a Hold rating and a $350 price target, indicating neutral sentiment from another major analyst firm.
  • The stock has gained about 35% over the past six months according to Jefferies, which could lead to near-term volatility if earnings miss or growth slows in 2026.
  • Emerging therapies such as CD20 and BAFF/APRIL are highlighted by Wells Fargo as drivers for future expansion, implying current revenue growth may rely heavily on new products that are not yet mainstream.
Full Analysis
On March 19, 2026, Wells Fargo increased its price target for Amgen Inc. (NASDAQ:AMGN) from $375 to $390 while maintaining an Equal Weight rating. The investment firm cited emerging therapies in areas such as CD20, BAFF/APRIL, and next-generation complement inhibitors as key drivers expected to expand the generalized myasthenia gravis market significantly. Wells Fargo projected these developments could lead to U.S. sales reaching $15 billion and global sales of $20 billion by 2036, with Amgen and peers like Vertex and Regeneron positioned to benefit from this growth alongside potential upside to current Street expectations. Amgen recently reported fourth-quarter adjusted earnings per share of $5.29, surpassing the $4.76 consensus estimate on revenue of $9.9 billion against expectations of $9.45 billion. CEO Robert Bradway stated that the company delivered strong performance in 2025 with double-digit growth in both revenue and earnings, entering 2026 with momentum across its portfolio and a focus on advancing new therapies. In addition to Wells Fargo's update, Jefferies initiated coverage on Amgen on March 10, 2026, with a Hold rating and a $350 price target, noting the stock has gained approximately 35% over the past six months driven by strong commercial execution and easing regulatory concerns. The article also includes commentary suggesting that while Amgen holds investment potential, certain AI stocks may offer greater upside and lower downside risk, with a reference to a free report on short-term AI stocks benefiting from Trump-era tariffs and onshoring trends. The content concludes with links to articles titled "33 Stocks That Should Double in 3 Years" and "15 Stocks That Will Make You Rich in 10 Years," as well as a disclosure stating no conflicts of interest and an invitation to follow Insider Monkey on Google News.