UBS Raises Amgen (AMGN) Price Target to $470

UBS has raised its price target for Amgen Inc. to $470, reflecting a positive outlook for the company, a 8.54% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 1:56 PM EDT

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UBS raised its price target on Amgen Inc. ($AMGN) to $470 from $430 on October 9, 2026, and rates the stock "Buy".

Since the rating, $AMGN is up 4.2% after 1 week and up 4.2% to date (from the $414.87 close on Oct 9, 2026).

AMGN Amgen Inc.

$432.49 +34.70% year to date

Daily close · Oct 16, 2026

Key Points

On October 9, 2026, UBS reiterated its Buy rating on Amgen Inc. and increased the price target to $470 from $430.
UBS's $470 price target implies 8.54% upside from Amgen Inc.'s ($AMGN) current $433.04 share price.
Amgen shares recently traded at $433.04, which is above both the 50-day moving average by 4.5% and the 200-day moving average by 17.6%.
The consensus among analysts shows a mean price target of $394.98, with 29 opinions recorded.

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UBS has reaffirmed its Buy rating on Amgen Inc. (NasdaqGS: AMGN) and raised its price target to $470 from $430 on October 9, 2026. This reflects a positive outlook for the biopharmaceutical company, which specializes in discovering, developing, and manufacturing human therapeutics worldwide.

UBS's Call on Amgen

UBS maintained its Buy rating on Amgen, increasing the price target to $470. This change suggests the firm sees more potential for growth in Amgen's stock. The recent trading price of $433.04 is above the 50-day and 200-day moving averages, indicating a strong performance.

Other Institutional Activity in Amgen

Several institutional investors have holdings in Amgen. Blackrock Inc. holds about 49.4 million shares valued at approximately $21.3 billion, having increased its stake by 2.3 million shares. Vanguard Capital Management LLC owns roughly 35.3 million shares valued at about $15.2 billion, with a slight increase of 234,604 shares. State Street Corporation has about 30.6 million shares worth around $13.2 billion, while Capital World Investors reduced its position by 213,811 shares, ending with about 29.1 million shares valued at about $12.6 billion. Invesco Ltd. has increased its holdings by 435,254 shares, totaling around 16.3 million shares valued at about $7.1 billion.

Amgen Inc. Stock Up 1.6%

Amgen's shares are currently trading at $433.04, which is about 4.5% above the 50-day moving average and 17.6% above the 200-day moving average. However, the stock is about 3.1% below its 52-week high of $447.03 and 50.4% above its 52-week low of $288.00. The stock trades above the mean price target of $394.98, which suggests analysts have a mixed view on its future performance.

12-month forecast

$AMGN price target

Amgen Inc. daily closes and this analyst's $470 target. Not advice.

Recent Earnings

Amgen reported trailing twelve-month revenue of about $38.1 billion, with a year-over-year revenue growth of 9.5%. The company's earnings per share (EPS) stood at $16.1, reflecting a robust net margin of 23.0%. The next earnings report is scheduled for November 3, 2026.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

D 43/100

Reported Apr 30, 2026

Forward outlook
2 target cuts vs 1 raises.
EPS & revenue
EPS beat estimates by 6.1%. Revenue missed estimates by 1.5%.
Profit surprise
EBITDA missed by 45 percent. Operating income missed by 28 percent.
Pre-earnings setup
Expectations were about average.
Analyst signal
1 target raise, 2 target cuts.
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.

Insider Buying and Selling at Amgen Inc.

Recent insider transactions include Nancy A Grygiel, an officer, who sold 2,970 shares at an average price of $402.16 on August 6, 2026, totaling about $1.2 million. Derek Miller, another officer, sold 3,890 shares at an average price of $402.54, valued at approximately $1.6 million on the same date.

Analysts Set New Price Targets

On October 7, 2026, Truist Securities maintained a Hold rating with a target of $380.00, up from $362.00. Morgan Stanley also kept an Equal-Weight rating with a target of $359.00, down from $362.00. RBC Capital maintained an Outperform rating, raising its target to $430.00 from $400.00. Cantor Fitzgerald also maintained its Neutral rating, increasing the target to $440.00 from $400.00. UBS's new target of $470.00 is now the highest among analysts.

About Amgen

Amgen Inc. is a leading biopharmaceutical company based in Thousand Oaks, California. It focuses on discovering, developing, manufacturing, and delivering innovative human therapeutics worldwide. The recent target increase by UBS reflects confidence in Amgen's growth potential in the healthcare sector.

Bottom Line

Investors should watch for Amgen's next earnings report on November 3, 2026, and keep an eye on any further analyst ratings or institutional activity. UBS's updated target suggests optimism about Amgen's future performance, aligning with the company's strong earnings and revenue growth.