By Sam Boughedda
Amgen (NASDAQ:) reported new analysis from its Phase 3 FOURIER and FOURIER open label extension (OLE) studies of Repatha on Tuesday, stating that the data reinforces long-term efficacy and the consistent safety profile.
Amgen shares are up more than 5% following the announcement.
The company added that the data demonstrated that achieving and sustaining a low-density lipoprotein cholesterol level of
Following the news, various analysts hiked their price targets on the stock.
Oppenheimer analysts raised the firm’s price target on the stock to $300 from $290 per share.
The analysts told investors in a note: “With a unique MoA and additional Ph1 data, AMGN will advance AMG-133 into a Ph2 study in early 2023. We believe this update strengthens our thesis that AMGN’s pipeline supports
its long-term growth potential, and these new data increase our confidence in two key pipeline assets olpasiran and AMG-133. We increase our PoS estimates for olpasiran (from 60% to 80%) and AMG-133 (from 35% to 40%).”
Elsewhere, Jefferies raised its price target on the stock to $325 from $300 per share. Analysts said: “MGN update looks positive and consistent w/ our Buy, with valuation likely to go up with AMG-133 for obesity looking good. For the first time, mgmt discussed data which suggest strong efficacy and monthly dosing vs competitor weekly dosing. AMGN is under-owned by the market and data are not fully appreciated by generalists, but 133 has multi-billion theoretical revenue optionality upside.”
Story Credit: investing.com