Amgen (NASDAQ: AMGN) Stock Outlook: UBS Buy Rating, Price Target Hike, and Legal Victory

• Analyst firm UBS reiterated a "Buy" rating for Amgen and increased its stock price target to $420.00.
• Zacks Investment Research upgraded Amgen to a "Buy" (Zacks Rank #2) due to an upward trend in earnings estimates.
• A federal judge blocked an attempt to limit the price of Amgen's key arthritis drug, Enbrel, protecting a significant revenue source.

Amgen (NASDAQ: AMGN) is a large biotechnology company that develops and sells human medicines. As a major drugmaker, Amgen has a significant market presence, reflected by its market capitalization of approximately $193.16 billion. The company focuses on creating treatments for serious illnesses in areas with limited options.

On July 13, 2026, the analyst firm UBS showed its confidence in the company by restating its "Buy" rating for Amgen. Alongside this rating, UBS increased its price target for the stock to $420.00 from its previous target of $400.00. At the time of the report, the stock was trading at $357.24 per share.

This positive outlook is shared by others. As highlighted by Zacks Investment Research, Amgen was upgraded to a Zacks Rank #2 (Buy). This upgrade is based on an upward trend in earnings estimates, which suggests growing optimism about the company's ability to generate profits in the near future.

Recent legal news also supports a favorable view of the company. As highlighted by Reuters, a federal judge blocked an attempt by Colorado to limit the price of Amgen's major arthritis drug, Enbrel. This ruling is a significant win, protecting a key source of revenue for the company.

Over the past month, Amgen shares have returned 2.3%, which is below the S&P 500's 4.3% gain and its industry's 7.6% gain. The stock is currently priced at $357.91, trading within a 52-week range of $269.77 to $391.29.