Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and $240.00 price target on Amgen (NASDAQ: AMGN) after the World Lung (IASLC 2019) data featured an update on AMG 510 (KRAS inhibitor) with a focus on the top dose patients (960mg) in previously treated KRAS G12C+ NSCLC patients.

The analyst stated "Of the 34 enrolled with NSCLC, 23 patients were evaluable for efficacy and 13
received the 960mg target dose. 7/13 (54%) achieved a PR at one or more timepoints and 6/13 (46%) achieved SD, for a disease control rate of 100%. Top dose ORR is now 54%. The focus was on duration of response: 2/5 ASCO PRs progressed at weeks ~12–15 (one died). However, three current PRs remained durable post week 20. It was too early to address questions around the impact of the tumor biology (ORR & time of progression vs. KRAS allele frequency/prior TRx)".

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Shares of Amgen closed at $198.50 yesterday.