Amgen (AMGN) Bullish Stance Reiterated at Jefferies Following Repatha Panel Backing

Jefferies analyst Eun Yang reiterated a Buy rating and $195 price target on Amgen (NASDAQ: AMGN) after an FDA panel recommended approval of Repatha, as expected.

Yang commented, "Positive panel votes were widely expected (11-4 in favor for non-HoFH high-risk pts; 15-0 in favor for HoFH pts). AMGN notes pending CV outcomes data, panel outcome is in line. While no particular safety signals, given a large # of pts with hypercholesterolemia, panel would want to see CV outcomes data for a broader approval (FOURIER data <2017). For Repatha sales in 2016/2017, we modestly estimate ~$157M/$554M (~16K/54K pts on drug; vs. cons ~$426M/$869M)."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $155.55 yesterday.

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