William Blair Reiterates a Buy on Amgen Inc (AMGN)

Amgen Inc. (NASDAQ:AMGN) is one of the Most Undervalued S&P 500 Stocks to Buy Right Now. On September 3, William Blair analyst Matt Phipps reiterated a Buy rating on Amgen Inc. (NASDAQ:AMGN) without disclosing any price target. The analyst acknowledged that the recent results from the FORTITUDE-101 showed less survival benefit for Bemarituzumab in gastric cancer. However, he remains optimistic about the upcoming FORTITUDE-102.

Phipps highlighted that despite the initial setback, management has been focused on the upcoming FORTITUDE-102, which combines Bemarituzumab with chemotherapy and Opdivo. The results for this trial are expected to be very important for regulatory approval and market potential.

In addition, the broader portfolio of Amgen Inc. (NASDAQ:AMGN) remains strong, and Phipps anticipates the company’s strategy to adapt timelines and plans based on trial results. He sees this flexibility as a positive indicator for long-term growth.

Amgen Inc. (NASDAQ:AMGN) is a biotechnology company that discovers and develops medicines for serious diseases. It focuses on creating treatments for conditions with high unmet medical needs.

While we acknowledge the potential of AMGN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMGN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.