Cowen analyst Eric Schmidt reiterating an Outperform rating and $189 price target on Amgen (NASDAQ: AMGN) after an FDA panel backed Repatha in familial hypercholesterolemia.

Analyst Erich Schmidt commented, "The FDA's EMDAC panel recommended Repatha be approved for HoFH (15:0 vote) and one more additional very high risk populations (including HeFH, 11:4 vote). Panelists reiterated skepticism regarding LDL-C as a surrogate marker, but were enthusiastic for a new therapy in FH. Data from Repatha's outcomes trial (expected no later than 2017) should provide a leg up on the competition."

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Shares of Amgen closed at $155.55 yesterday.