Deutsche Bank Maintains “Buy” Rating on Amgen (AMGN)
Deutsche Bank reported on Wednesday that it has reiterated a “Buy” rating on biotechnology company, Amgen, Inc. (AMGN).
The firm has maintained a “Buy” rating on AMGN, and has given the company a $115 price target. This price target suggests a 16% upside from the stock’s current price of $96.66.
The company reported positive data on Brodalumab in Psoriatic Arthritis on Wednesday. Analyst Robyn Karnauskas believes this will help the company’s estimates.
The analyst noted, “at 12 weeks, ACR20 was 37% and 39% at 140mg and 280mg doses of Brodalumab, respectively. The efficacy looks comparable to Enbrel, which showed ~50% improvement on ACR20 in Phase III studies at 24 weeks,” said Karnauskas. “Excellent efficacy on plaque clearance seen in psoriasis trials (62% achieved PASI100) would be an additional advantage of Brodalumab.”
“The company also reported top-line data for the phase III study for Trebananib
(AMG 386) in recurrent ovarian cancer . . .AMG 386 sales are not in our numbers, and success would present upside to our estimates.”
Amgen shares were down -$1.17, or -1.19% during Wednesday afternoon trading. The stock is up 12% YTD.
The Bottom Line
Shares of Amgen, Inc. (AMGN) have a 1.95% yield, based on Wednesday afternoon’s price of $96.39.
Amgen, Inc. (AMGN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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