Gilead Gets a Buy, Amgen a Hold and ORIC a Vote of Confidence: Wall Street’s Latest Biopharma Calls Explained
JPMorgan's reaffirmation on Oric came after shares dropped 16.07% over the past week on news tied to a competitor, not to anything specific to Oric's own pipeline. The firm pointed to the clean toxicity profile of rinzimetostat and its potential in prostate cancer as reasons the firm does not view the pullback as reflecting fundamental deterioration in Oric's pipeline.
Company Snapshot and Recent Performance
Gilead reported Q4 2025 revenue of $7.93 billion, ahead of the $7.85 billion consensus estimate, with non-GAAP diluted EPS of $1.86 against an estimate of $1.85. Full-year 2025 revenue came in at $29.4 billion, up 2% year-over-year, while non-GAAP EPS of $8.15 represented a significant jump from $4.62 in 2024. Biktarvy, the company's flagship HIV therapy, generated $3.97 billion in the quarter, up 5%, while Descovy surged 33% to $819 million. The newly launched Yeztugo, the first twice-yearly HIV prevention therapy, adds a commercial catalyst heading into 2026. Gilead shares are up 19.46% year-to-date and have gained 28.41% over the past year, trading at $146.63 as of March 9.
Amgen delivered a strong Q4 as well, with revenue of $9.87 billion against an estimate of $9.66 billion and non-GAAP EPS of $5.29, well ahead of the $4.83 estimate. Repatha led growth at +44% to $870 million, while Enbrel continued its structural decline at -48% to $532 million. Amgen shares are up 15.96% year-to-date and currently trade at $376.97, meaningfully above Jefferies' $350 target.
Oric is a clinical-stage oncology company with no product revenue. Its lead asset, rinzimetostat, posted a 55% PSA50 response rate in metastatic castration-resistant prostate cancer (mCRPC), with a Phase 3 trial initiation expected in the first half of 2026. Its second program, enozertinib, has shown 67% overall response rate in first-line EGFR exon 20 patients and 100% intracranial overall response rate. The company holds $392.3 million in cash and projects a funding runway into the second half of 2028. Shares are up 42.42% year-to-date despite the recent pullback, and the consensus analyst target sits at $21.23 against a current price of $11.65.
Why the Move Matters Now
For Gilead, Jefferies' $180 Buy target implies meaningful upside from the current $146.63 price, and the timing is notable given that the stock is already trading well above its 200-day moving average of $121.44. The forward P/E of 16x reflects guidance of non-GAAP EPS of $8.45 to $8.85 in 2026 with no patent cliff on the horizon until 2036. The PEG ratio of 0.4, according to market data.
Amgen's situation is the inverse. Trading above Jefferies' $350 target, and with a consensus analyst target of $350.04, the stock has largely priced in the strong execution. The MariTide Phase 3 obesity program and the Repatha VESALIUS-CV trial, which showed a 25% reduction in heart disease risk, are meaningful pipeline catalysts -- but those outcomes are not yet certain, and biosimilar pressure on Prolia and XGEVA remains a real headwind.
Oric
Oric's case is binary by nature. The competitor-driven selloff created a gap between price and the underlying pipeline value that JPMorgan believes is unjustified. With two major data readouts for enozertinib expected in the second half of 2026, the next several months will be defining for the stock.
Analyst Perspectives and Context
Gilead offers a relatively rare combination in biopharma: a large, diversified revenue base, a long IP runway, a 2.2% dividend yield with a quarterly dividend of $0.82 per share due with an ex-dividend date of March 13, 2026, and a pipeline with multiple potential 2026 catalysts. Jefferies cited Gilead's low beta of 0.37 and dividend yield as characteristics that may appeal to income-oriented investors, according to the firm's initiation note.
With the stock trading above Jefferies' $350 target, the Hold rating reflects the firm's view that near-term upside for Amgen is limited, particularly given execution risks around biosimilar competition and the still-unproven obesity pipeline.
As a clinical-stage company, Oric carries binary pipeline risk, which is reflected in its beta of 1.36, according to market data. The pipeline data is genuinely differentiated, but clinical-stage companies carry binary risk, and any negative readout could be severely punitive for the stock.
Key Risks to Watch
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Gilead: Cell therapy revenue declined 6% to $458 million in Q4, and Veklury continues to fall, down 37% to $212 million. If HIV franchise growth slows, the valuation case weakens quickly.
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Amgen: Biosimilar competition for Prolia and XGEVA is accelerating, and Enbrel's 48% revenue decline in Q4 signals how quickly established products can erode. MariTide Phase 3 results could disappoint in a competitive obesity market.
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Oric: Clinical-stage companies carry substantial binary risk. Any Phase 3 failure for rinzimetostat or negative enozertinib data readouts in the second half of 2026 could be severely punitive for the stock, regardless of cash runway.
This is not personalized financial advice. 247wallst.com and its writers do not own the stocks mentioned. Always do your own due diligence before investing.
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