On July 17, Amgen rose 3.03% in regular trading, trading at $369.17/share with turnover of $285 million. The rally was driven by a cluster of investment bank target price upgrades combined with broad strength across the biopharmaceutical sector.

Multiple brokerages recently raised their price targets on Amgen: UBS lifted its target to $420 from $400 while maintaining a Buy rating; BofA Securities adjusted its target to $312 from $307; and Truist Securities raised its target to $340 from $327. The consensus average target stands at approximately $357. Morgan Stanley noted that biopharma sector performance in the second half is expected to be driven more by company fundamentals rather than macroeconomic factors, which favors Amgen given its well-diversified business with no single product exceeding 10% of revenue and a promising emerging pipeline.

Within the Biotechnology sector, AbbVie rose 3.37%, Gilead Sciences gained 2.38%, and Vertex Pharmaceuticals added 1.84%, reflecting broad sector momentum that reinforced the positive sentiment around Amgen.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)