Amgen (AMGN): Phase 3 romosozumab Answers Some Questions - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating Amgen (NASDAQ: AMGN) after Amgen released additional results from its Phase 3 study of romosozumab, which provided a tangible explanation for the trial not achieving a key secondary endpoint of reduction in non-vertebral fractures. A lack of visibility into how this will translate into a label claim and compelling data for Radius's abaloparatide could limit peak sales to $700mn (assuming 1.0% peak global market share).
Looking ahead, the analyst sees the FOURIER CV outcomes trial (data 1Q17) as the most important catalyst for AMGN shares. No change to the price target of $190.
Shares of Amgen closed at $171.38 yesterday.
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