These Two Biotech Stocks Recorded Fresh Milestones Today – What’s Driving Today’s Gains?

Both Amgen and Repligen saw price target hikes after better-than-expected Q2 results and potential gains from Moderna’s successful Phase 3 trial for melanoma therapy, respectively.

• Argus raised Amgen’s target to $460 from $375 and maintained a ‘Buy’ rating, according to The Fly.
• Amgen’s Q2 revenue increased 10% from a year earlier to $10.1 billion, while earnings per share rose to $6.29.
• Stifel called Moderna’s Phase 3 results positive for Repligen, noting that the bioprocessing company previously disclosed its involvement in the neoantigen-therapy program.

Shares of Amgen (AMGN) and Repligen (RGEN) drew investor attention on Wednesday after they recorded fresh milestones. 

Amgen received price target hikes from two brokerage firms, following strong second-quarter results and progress across its drug portfolio, while analysts said Repligen could potentially benefit from Moderna’s successful Phase 3 trial for melanoma therapy.

At the time of writing, AMGN stock was up over 3%, recording a fresh lifetime high, while RGEN shares rose 6%, hitting its highest level since January 2025.

Amgen Draws Price Target Hikes After Strong Q2

Argus raised its price target on Amgen to $460 from $375 and maintained a ‘Buy’ rating, according to The Fly. The firm highlighted Amgen’s pipeline of potential new treatments and robust second-quarter (Q2) volume growth from existing products. It expects future revenue to benefit from recently launched drugs, biosimilars, and products acquired through licensing deals.

Morgan Stanley also raised its price target on the stock to $362 from $351 while maintaining an ‘Overweight’ rating.

Amgen’s Q2 revenue increased 10% from a year earlier to $10.1 billion, while earnings per share rose to $6.29 from $6.02. Both numbers were ahead of consensus estimates, according to Fiscal.ai. Free cash flow climbed to $3.5 billion from $1.9 billion a year earlier.

Retail sentiment surrounding AMGN on Stocktwits trended in the ‘neutral’ territory over the past 24 hours. The stock has gained around 34% so far this year.

Repligen Could Benefit From Moderna’s Cancer-Therapy Success, Analysts Say

Repligen could benefit from positive Phase 3 results for Moderna’s (MRNA) cancer treatment, according to Stifel and Wells Fargo.

Moderna’s mRNA-based therapy, developed with Merck (MRK), met the primary goal in a pivotal late-stage study involving patients with melanoma. Stifel called the results positive for Repligen, noting that the bioprocessing company previously disclosed its involvement in Moderna and Merck’s neoantigen-therapy program at Stifel’s 2024 healthcare conference.

Wells Fargo also listed Repligen among the potential beneficiaries, although it remains “hard to quantify at this point,” it said.

Repligen provides equipment and services for the development and manufacturing of mRNA therapies. Its technology also supports lipid nanoparticles, which deliver mRNA into cells.

Retail sentiment surrounding RGEN on Stocktwits turned ‘neutral’ from ‘bearish’ a day earlier. The stock has gained around 7.5% so far this year.

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