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