RBC Thinks Amgen's (AMGN) AMG145 Has 'Compelling' Safety Profile Profile; Sees $10B Market Opportunity
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Up: 8 | Down: 5 | New: 26
Rating Summary:
20 Buy, 18 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Amgen (Nasdaq: AMGN) is lower on the session Wednesday amid positive comments out of RBC for its AMG145 drug.
RBC analyst Michael Yee said that AMG145 -- Amgen's late-stage cardio drug -- will grab investor interest over the next year and out-year consensus estimates will increase. Yee sees AMG145 entering a market with a $10 billion-plus opportunity.
Amgen is slated to start Phase 3 on AMG145 in FY13. Yee sees the pharma quickly completing the studies and moving on to file a BLA with the FDA on AMG145's LDL endpoint in short time.
On Monday, Amgen presented data from its Phase 2 of AMG145 which showed the drug "significantly" lowering LDL levels in patients with high cholesterol who cannot tolerate statins. More from the release here. Yee noted that AMG145 also has a "compelling" safety, efficacy profile and will be able to differentiate from offerings from Sanofi (NYSE: SNY)/Regeneron (Nasdaq: REGN) via a bi-weekly or monthly dosing schedule.
RBC currently has an Outperform rating and $90 price target on Amgen. Shares are down about 2 percent in early trading.
RBC analyst Michael Yee said that AMG145 -- Amgen's late-stage cardio drug -- will grab investor interest over the next year and out-year consensus estimates will increase. Yee sees AMG145 entering a market with a $10 billion-plus opportunity.
Amgen is slated to start Phase 3 on AMG145 in FY13. Yee sees the pharma quickly completing the studies and moving on to file a BLA with the FDA on AMG145's LDL endpoint in short time.
On Monday, Amgen presented data from its Phase 2 of AMG145 which showed the drug "significantly" lowering LDL levels in patients with high cholesterol who cannot tolerate statins. More from the release here. Yee noted that AMG145 also has a "compelling" safety, efficacy profile and will be able to differentiate from offerings from Sanofi (NYSE: SNY)/Regeneron (Nasdaq: REGN) via a bi-weekly or monthly dosing schedule.
RBC currently has an Outperform rating and $90 price target on Amgen. Shares are down about 2 percent in early trading.
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