Amgen's Dazodalibep Treatment Sparks Positive Outlook Amid Clinical Trial Success

Amygdala's pipeline got a boost from positive clinical trial results for its dazodalibep treatment, prompting Oppenheimer to reiterate an Outperform rating and $450 price target. The study evaluated the efficacy of dazodalibep in patients with systemic Sjögren’s disease.

The OASIZ 301 Phase 3 trial saw improvements as early as Week 4 and sustained through Week 48, with Amgen's shares rising 4.3% to $410.24 on Monday. Oppenheimer views the results as encouraging due to the challenging nature of the disease.

Amgen's pipeline is gaining traction, with analysts revising earnings upward, putting the company at a PEG ratio of 0.79. The firm believes dazodalibep has differentiation potential over other emerging therapies like ianalumab and could be a blockbuster in Amgen’s portfolio.