Amgen: Appeal Becomes Visible Despite Uncertainty On The 'Horizon'

May 29, 2023 5:36 AM ETAmgen Inc. (AMGN) StockHZNP, AMGN18 Comments

Summary

  • Amgen's stock has seen a further pullback since it announced an acquisition of Horizon Therapeutics in December.
  • Shares are down by nearly a quarter as the re-rating starts to look interesting with fundamental valuations starting to provide support.
  • Despite continued uncertainty on the Horizon deal, related to regulatory approval, I am slowly warming up to Amgen, with or without Horizon.
  • Looking for more investing ideas like this one? Get them exclusively at Value In Corporate Events. Learn More »

Amgen sign at its headquarters in Thousand Oaks, California, USA.

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In February, I concluded that the re-rating of Amgen (NASDAQ:AMGN) looked fair, after shares fell 15% since the announcement of the acquisition of Horizon Therapeutics (HZNP). This looked fair amidst a strong share price performance beforehand, high leverage

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