Deutsche Bank Maintains Buy on Amgen (AMGN)

Deutsche Bank today maintained a Buy rating on Amgen (NASDAQ: AMGN) with a price target of $115.00. Amgen today announced positive data on Brodalumab in Psoriatic Arthritis and AMG 386 in recurrent ovarian cancer. Analyst Robyn Karnauskas said both opportunities represent upside to estimates.

"At 12 weeks, ACR20 was 37% and 39% at 140mg and 280mg doses of Brodalumab, respectively. The efficacy looks comparable to Enbrel, which showed ~50% improvement on ACR20 in Phase III studies at 24 weeks," said Karnauskas. "Excellent efficacy on plaque clearance seen in psoriasis trials (62% achieved PASI100) would be an additional advantage of Brodalumab."

"The company also reported top-line data for the phase III study for Trebananib
(AMG 386) in recurrent ovarian cancer . . .AMG 386 sales are not in our numbers, and success would present upside to our estimates," add the analyst.

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 $97.93 yesterday.

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