NONOF - Amgen Stock: Recent Weakness Is Not A Buying Opportunity Yet
2024-05-01 17:07:44 ET
Summary
- Amgen Inc. shares have dropped some 20% since reaching an all-time high in February due to a below-consensus outlook and patent concerns.
- The company's four pillars of growth are General Medicine, Oncology, Inflammatory Diseases, and Rare Diseases.
- Amgen's obesity candidate MariTide has the potential to become its biggest revenue producer, with Phase 2 results expected in late 2024.
- Time to buy the dip? An analysis around Amgen follows in the paragraphs below.
Shares of biotech pioneer Amgen Inc. ( AMGN ) are off nearly 20% since attaining an all-time high of $329.72 in February, pressured by a below-consensus FY24 outlook and patent concerns. In an attempt to mitigate its denosumab 2025 patent cliff, the company spent $27.8 billion to onboard Horizon in October 2023, raising its net leverage to 4.4. With Phase 2 results for potentially game-changing obesity candidate MariTide due at YE24 and Medicare price negotiations looming for Enbrel in 2026, along with earnings coming out post-market on May 2nd, Amgen merited a deeper dive. An analysis follows below....
Amgen Stock: Recent Weakness Is Not A Buying Opportunity Yet