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Home News

Amgen Inc.’s Pipeline of Drugs Poised to Deliver Good News

by Administrator Forexezy
October 11, 2023
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Amgen Inc. is set to receive positive news for its stock as analysts highlight the potential of the company’s pipeline of cancer, obesity, and cardiovascular drugs. Despite a recent setback with the cancer drug Lumakras, experts believe that Amgen’s accelerating pipeline newsflow will bolster the valuation of the stock.

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Upgraded Outlook

Leerink Partners analysts have upgraded Amgen shares from market perform to outperform. They emphasize the upcoming news surrounding Amgen’s potential blockbuster cancer-drug candidates as a key driver for the stock’s valuation. Notably, AMG 193, under investigation for non-small cell lung cancer treatment, and xaluritamig, designed to address prostate cancer, are expected to make headlines in the coming weeks.

In light of these developments, the analysts have raised their price target for Amgen shares from $267 to $318.

Lumakras Setback

While Lumakras—a cancer drug already granted accelerated approval—faced a roadblock recently with a U.S. Food and Drug Administration (FDA) advisory panel questioning the late-stage trial supporting its full regulatory approval, Amgen remains committed to working closely with the FDA. The company aims to secure full approval for Lumakras despite the setback.

In light of the uncertainties surrounding Lumakras, the Leerink analysts have reduced their Lumakras sales estimates for 2031 by 76%, putting it at $153 million. The FDA’s scrutiny of the confirmatory trial raises the risk that the tentative approval of Lumakras may be rescinded.

Nevertheless, the analysts remain hopeful about Amgen’s broader pipeline potential and its recent acquisition of Horizon Therapeutics, both of which are expected to boost earnings expectations.

Stock Performance

Amgen shares have seen positive traction, with a 1% increase in premarket trading on Wednesday and a 3.3% gain year-to-date. In comparison, the S&P 500 is up 13.5%.

Amgen’s future success hinges on the promising developments within its pipeline, making it an intriguing stock to watch in the coming months.

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Tags: Amgen Inc.cancercardiovasculardrugsLumakrasobesitypipelineStock
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