Amgen (AMGN) PT Lowered to $427 at Piper Sandler

Piper Sandler analyst David Amsellem lowered the price target on Amgen (NASDAQ: AMGN) to $427.00 (from $432.00) while maintaining an Overweight rating.

The analyst commented: 'Additional Thoughts On The Rare Disease Segment; Looking at the business from a high level, we continue to envision top-line upside versus consensus not only for 2026 but also for 2027. That’s less a function of strength from the key workhorses of the commercial portfolio (namely Repatha, Tezspire and Evenity), and more a function of the continued strength from the rare disease segment, particularly Uplizna. Beyond that, we could also envision Tepezza as a more attractive growth driver on the back of what was strong Phase III data for the subcutaneous (SC) formulation (refer to our note on 4/6/26 for details). We reiterate our Overweight rating and slightly lower our PT to $427 from $432."

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