Amgen's Dazodalibep Earns Praise from Analysts Despite Unchanged Rating

Amgen Inc. (AMGN) has received a positive update from analysts at Canaccord Genuity, who have reiterated their Hold rating and $384 price target on the stock.

The analyst's decision was influenced by the successful results of Amgen's Phase 3 trial of dazodalibep, an experimental drug for moderate-to-severe Sjogren's disease with moderate-to-severe systemic disease activity.

The OASIZ 301 study showed that dazodalibep met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in change from baseline in ESSDAI at Week 48.

Notably, Sjogren's disease is the second most common autoimmune rheumatic disease, yet there are currently no FDA-approved therapies for the condition.

Canaccord forecasts dazodalibep sales of $25 million in 2028 ramping to $300 million in 2032, with a potential first-in-class CD40L antagonist fusion protein.