Oppenheimer Raises Amgen (AMGN) Price Target to $480
Key Points
- Oppenheimer maintained an Outperform rating on Amgen Inc. on October 23, 2026, and raised its price target from $450.00 to $480.00.
- Oppenheimer's $480 price target implies 8.95% upside from Amgen Inc.'s ($AMGN) current $440.55 share price.
- Amgen Inc. recently traded around $440.55, sitting above both its 50-day and 200-day moving averages.
- The drug maker distributes an annual dividend rate of $10.08 per share, yielding 2.25% with a payout ratio of 60.9%.
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On October 23, 2026, Oppenheimer maintained its Outperform rating on Amgen Inc. (NasdaqGS: AMGN) while lifting its price target from $450.00 to $480.00. The research note reflects the firm's forward-looking view on the drug maker as it approaches its next update.
AMGN
Amgen Inc.
Oppenheimer vs. the S&P 500
Hypothetical returns from Oppenheimer's disclosed trades, not real profit or advice. How we model this.
Oppenheimer's Call on Amgen Inc.
Oppenheimer issued its updated view on October 23, 2026, keeping an Outperform rating on the shares and bumping up its target by $30.00 to $480.00.
Other Institutional Activity in Amgen Inc.
E. Ohman J:or Asset Management cut its holdings by 5,983 shares, ending with 13,532 shares worth about $5,703,873.0 in a report dated October 22, 2026. Wells Fargo & Company grew its holdings by 147,431 shares, ending with 7,235,462 shares worth about $3,191,960,229.0 as of June 30, 2026, marking a 2.1% increase.
Amgen Inc. Stock Up 0.5%
Amgen Inc. recently traded around $440.55 as of October 23, 2026, close to its event-day closing price of $441.15. The shares trade 5.7% above their 50-day moving average of $416.83 and sit 18.7% above their 200-day moving average of $371.12.
$AMGN price target
Amgen Inc. daily closes and this analyst's $480 target. Not advice.
Recent Earnings
Amgen reported trailing-twelve-month revenue of $38,094,999,552.0 with a net profit margin of 23.0% and a return on equity of 91.5%. Its earnings per share over the trailing twelve months reached $16.10, and year-over-year revenue grew 9.5%. The company's next earnings report is scheduled for November 3, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
2 target cuts vs 1 raises.
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EPS & revenue
EPS beat estimates by 6.1%. Revenue missed estimates by 1.5%.
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Profit surprise
EBITDA missed by 45 percent. Operating income missed by 28 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise, 2 target cuts.
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Earnings quality
Gross margin up 4.6 points. Operating margin up 16.5 points. Positive free cash flow.
Earnings Call Summary
Amgen had a strong first quarter with earnings per share of 5.15 dollars beating expectations of 4.73 dollars. Six key medicines grew sales by 24 percent year over year and now make up 70 percent of total sales. The obesity drug Meritide is advancing well in late-stage testing with new studies showing better tolerance when patients take it less frequently, potentially every eight to twelve weeks instead of weekly injections.
Guidance Amgen raised its 2026 outlook to revenue between 37.1 billion and 38.5 billion dollars, and earnings per share between 21.70 and 23.10 dollars. The company expects its fast-growing medicines like Repatha and Evenity to offset patent losses. Management said capital spending will remain at about 2.6 billion dollars to scale manufacturing for new drug launches.
Clearly negative report. The company missed important expectations and likely triggers downward revisions.
Dividend
Amgen pays an annual dividend rate of $10.08 per share, which translates to a dividend yield of 2.25%. The company's dividend payout ratio sits at 60.9%.
Insider Buying and Selling at Amgen Inc.
Nancy A Grygiel, Officer, sold 2,970 shares on August 6, 2026, at an average price of $402.16 for a total value of $1,194,415.0. Derek Miller, Officer, sold 3,890 shares on August 6, 2026, at an average price of $402.54 for a total value of $1,565,898.0. Rachna Khosla, Officer, sold 3,252 shares on August 13, 2026, for a total value of $1,346,499.0.
Analysts Set New Price Targets
On October 12, 2026, BMO Capital maintained a Market Perform rating and lowered its target from $450.00 to $415.00. Wells Fargo maintained an Equal-Weight rating on October 12, 2026, and cut its target from $435.00 to $430.00. Guggenheim maintained a Neutral rating on October 13, 2026, lowering its target from $388.00 to $378.00. Barclays maintained an Equal-Weight rating on October 21, 2026, raising its target from $380.00 to $400.00. Wall Street analysts maintain a consensus hold recommendation on the stock with a mean price target of $396.70 across 29 analyst opinions.
About Amgen Inc.
Headquartered in Thousand Oaks, California, Amgen discovers, develops, manufactures, and delivers human therapeutics worldwide. The biotechnology firm operates across the healthcare sector, focusing on general drug manufacturing.
Bottom Line
Investors will look toward Amgen's upcoming earnings report on November 3, 2026, for further updates on the business. Analyst revisions and institutional shifts will continue to guide market sentiment as the date approaches.
Related Filing Alerts
Source: Oppenheimer's rating change on $AMGN (Oct 23, 2026). Written by software, not financial advice. How we make alerts