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Amgen Stock Rises over 2% on Drug Approvals


Nov. 20 2020, Updated 4:59 p.m. ET


On May 17, Amgen (AMGN) stock rose ~0.5% to the closing price of $174.65 per share following FDA approval of Aimovig. The company’s stock price has risen ~2.3% in the last week following recent drug approvals.

The above chart shows analysts’ recommendations for Amgen over the last 12 months. Amgen’s stock price has risen ~11.2% over the last 12 months.

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Recent developments

On May 17, the US Food & Drug Administration (or FDA) approved the drug Aimovig (erenumab-aooe) as a preventive treatment for patients with migraines. The drug was co-developed with Novartis (NVS) and is a novel treatment for migraine prevention. Aimovig 70-mg can be self-administered by the patient through Amgen’s SureClick autoinjector once every month. The US list price of the single-use Aimovig 70mg/140mg prefilled SureClick autoinjector is $575, which is $6,900 annually, and is expected to be launched in the US within one week.

On May 16, the European Commission (or EC) approved the drug Repatha (evolocumab) for preventing heart attacks and strokes in patients with established atherosclerotic cardiovascular diseases. Repatha is approved in over 60 countries including the US, Canada, Japan, and the European Union. The company had also announced a second-quarter dividend of $1.32 per share on March 7. The dividend is to be paid on June 8 and the record date was May 17.

Analyst recommendations

On May 18, 23 analysts were tracking Amgen stock. Five of these analysts recommend a “strong buy,” six analysts recommend a “buy,” and 12 analysts recommend a “hold.” None of the analysts recommended a “sell.” Analysts expect 11.7% growth in Amgen stock over the next 12 months to a target price of $195.10 per share as compared to the closing price of $174.65 per share on May 17. The consensus rating for Amgen stands at 2.30, which represents a “moderate buy” for long-term growth investors and value investors. The iShares NASDAQ Biotechnology ETF (IBB) holds 7.6% in Amgen (AMGN), 7.8% in Biogen (BIIB), and 7.7% in Celgene (CELG).

Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!


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