Market Overview

UPDATE: Bank of America Raises PO to $99 on Amgen After Omontys Recall

Related AMGN
Amgen, Target, Universal Display: Fast Money Picks For October 12
Following Kite Pharma's Positive Top-Line Data, Focus Turns To Commercial Outlook
Best Near-Term Price Gains Ahead For: Established Biotechnology Stocks (Seeking Alpha)

In a report published Monday, Bank of America reiterated a Neutral rating on Amgen (NASDAQ: AMGN), and raised its price objective from $97 to $99.

Bank of America wrote, "This weekend, AFFY/Takeda announced they were recalling all lots of their erythropoesis stimulating agent (ESA) Omontys from the market due to serious hypersensitivity reactions associated with the first infusion (0.2% total hypersensitivity, including approx 5 deaths). All patients previously taking Omontys are instructed to discontinue use. This news follows dialysis provider Fresenius' decision <2 weeks ago to close the Omontys pilot program. As we mentioned at that time, our AMGN model assumed Omontys as the preferred ESA at Fresenius starting in April. Given the recall, we are now increasing AMGN's ESA share in our model (2013 Epogen sales from $1.54B to $1.82B), bringing our total 2013 revenue up to $18.4B, and we view AMGN's 2013 $17.8-$18.2B revenue guidance as overly conservative."

Amgen closed Friday at $86.82.

Latest Ratings for AMGN

Sep 2016CitigroupMaintainsNeutral
Aug 2016Gabelli & Co.Initiates Coverage onHold
Jul 2016CitigroupMaintainsNeutral

View More Analyst Ratings for AMGN
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings


Related Articles (AMGN)

View Comments and Join the Discussion!