Bank Of America Believes Shares Of Amgen Are Fairly Valued

In a report published Monday, Bank of America analyst Ying Huang reiterated a Neutral rating and $179.00 price target on Amgen, Inc. (NASDAQ: AMGN).

In the report, Bank of America noted, "The U.S. District Court for the Northern District of California has denied AMGN's request for an injunction against Novartis/Sandoz's launch of its Neupogen biosimilar, Zarxio. The court ruled that Sandoz's failure to provide AMGN with its BLA application does not provide reason for a preliminary injunction or any damages. AMGN has appealed the decision and both companies have agreed to an expedited review of the appeal. With the favorable ruling, Sandoz could launch Zarxio any day and has agreed to provide AMGN with 5 days' advanced notice before launching. Sandoz will disclose pricing at launch – this should be carefully monitored, as it could guide pricing of future biosimilars."

Amgen closed on Friday at $169.11.