Skip to main content

Analysts at Mizuho seem to have a love/hate relationship with drugmaker Amgen (AMGN) after downgrading the stock in a note Monday while also raising the company's price target. 

The firm lowered Amgen to neutral from buy while also raising its price target to $212 from $208. The stock closed Friday's session at $204.02, with the new price target representing a potential 4% upside from the closing price. 

Amgen shares were down 1.23% to $201.52 on Monday.

Analyst Salim Syed's downgrade is based on valuation as the company approaches where Mizuho believes it is appropriately priced. 

Amgen won a patent dispute with rival Novartis (NVS) over its rheumatoid arthritis drug, Enbrel, last week. A judge ruled that two patents that protect the drug from biosimilar competition were valid, leading a 10% run up in the stock. 

Amgen is a holding in Jim Cramer's Action Alerts PLUS charitable trust

Save 57% With Our Labor Day Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!