Amgen Surges Past $410 on Positive Dazodalibep Results

Amgen's stock price surged past $410 on Tuesday, driven by positive topline data from the Phase III study of dazodalibep. The company announced that patients treated with dazodalibep showed a significant improvement in disease activity compared to those in the placebo group at the 48-week time point.

The news was part of a series of catalysts for Amgen's oncology pipeline, which also included positive results from Phase 3 IMDELLTRA data and an FDA-approved monitoring-time update. The company's newer products are helping to offset declining revenue from older drugs, with Repatha and EVENITY reporting significant increases in sales.

Amgen's technical analysis is bullish, with the stock price breaking above the 50% retracement level at $410.31. Analysts predict further upside to $418.73 and potentially even higher targets of $429.33 and $437.85.