Deutsche Bank Lifts PT On Amgen To $72
Monday, January 23, 2022 3:24 PM

Deutsche Bank (DB) lifted its price target on Amgen Inc. (NASDAQ: AMGN), a biotechnology medicines company, to $72 from $56.

The brokerage, which has a "Hold" rating on the stock, said the company's legacy products are tracking below while Xgeva/Prolia are tracking above.

DB also expect expenses to be higher than Street.

"Pipeline is emerging but lg opportunities are further down the road," the bank wrote in a note. "Positive Xgeva Feb PDUFA for prevention of bone mets can add $5 to fair value."

The Thousand Oaks, California-based Amgen focuses on human therapeutics and concentrates on medicines based on advances in cellular and molecular biology.

On Monday, the stock dropped 2.4 percent to $67.86.