Amgen stock jumps on UBS buy call as Dark Blue deal sharpens focus on pipeline
Amgen shares rose 3.5% to $341.64 after UBS initiated coverage with a buy rating and a $380 target. The move follows FDA approval of Amneal’s biosimilar rivals to Amgen’s Prolia and Xgeva, which generated $5.3 billion in U.S. sales last year. Amgen also announced an $840 million deal to acquire Dark Blue Therapeutics, adding an early-stage leukemia drug. CEO Robert Bradway will present at the J.P. Morgan Healthcare Conference on Jan. 12.