On July 2, Amgen rose 3.02% in regular trading, reaching $372.26 per share with turnover of approximately $109 million. The move was driven by a court ruling granting Amgen a preliminary injunction to block Colorado from imposing price caps on its rheumatoid arthritis drug Enbrel.

The court decision represents a significant victory for Amgen in the ongoing pharmaceutical pricing regulatory battle, effectively preserving Enbrel's commercial revenue outlook. Enbrel, a tumor necrosis factor blocker marketed in the United States and Canada, remains a key product in Amgen's diversified portfolio.

The positive sentiment is further supported by a series of favorable developments. In Q1, Amgen reported adjusted EPS of $5.15, beating the consensus estimate of $4.76 by 8.19%. The company's lung cancer drug tarlatamab received marketing authorization in China, and its subcutaneous Tepezza Phase 3 trial met primary endpoints. RBC Capital maintains an Outperform rating with a $370 price target, citing Amgen's well-diversified business with no single product driving over 10% of revenue and a promising emerging pipeline.

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