Jefferies Lifts Amgen Price Target Amid Dazodalibep Trial Success
Amgen's stock price target has been raised by Jefferies to $410 from $367, while maintaining a Hold rating on the stock. The current trading price of Amgen Inc.'s shares is $410.24, representing a 47% increase over the past year.
The increase in price target follows positive Phase 3 trial results for dazodalibep, a CD40L antagonist, in moderate-to-severe systemic Sjögren's disease. The drug showed improved ESSDAI scores as early as week four in the trial, with an earlier separation compared to competitor trials.
Jefferies noted potentially better safety and tolerability versus other data sets in the therapeutic area, leading to an increased peak sales estimate for dazodalibep to $4.5 billion from $1 billion. The research firm is becoming incrementally more positive ahead of the OASIZ-303 trial in symptomatic Sjögren's disease patients.