Amgen (AMGN): Good AMG334 Migraine Results, But Not Differentiated - Leerink
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Leerink Partners, Geoffrey Porges, reiterated his Market Perform rating on shares of Amgen (NASDAQ: AMGN) after Amgen revealed the secondary endpoints of its phase 2 chronic migraine trial for erenumab this week at the European Headache and Migraine Trust International Congress in Glasgow.
The study met its key secondary endpoint, the proportion of patients experiencing at least a 50% reduction in migraine days, with both dose cohorts (70mg and 140mg monthly SC) achieving statistical significance vs. placebo (40% and 41%, respectively, vs. 24%). These values, however, failed to differentiate erenumab from competing programs from Alder (NASDAQ: ALDR) and Teva (NYSE: TEVA) – although the results continue to validate the class of CGRP targets for the treatment of migraines.
Shares of Amgen closed at $172.64 yesterday.
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