By Davit Kirakosyan
Jefferies previewed Amgen (NASDAQ:AMGN) ahead of Tepezza Chronic TED Q2 data, reiterating its Buy rating and $325.00 price target on the stock.
While shares have pulled back given macro rotation away from 2022's defensive winners, Jefferies sees potential for Amgen to rebound, given recent pressure from fears on downside risk ahead of (1) HZNP deal closure by end of H1 and also 2nd request FTC ongoing, as well as (2) because Tepezza key chronic TED study needs to be positive due in Q2.
The firm anticipates positive Tepezza data and a successful HZNP closure, which it already added to its model and is ahead of the 2024 consensus with $19.94 (consensus estimate stands at $19.36). Additionally, the firm expects to see more pipeline readouts in 2024, such as new oral AMG-786 and Tezpire Phase II COPD data in early 2024.
"This catalyst path sets the stock up nicely given recent pullback," added the firm.
Shares were up more than 1% intra-day today.