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Amgen shares keep Overweight rating from Wells Fargo

EditorAhmed Abdulazez Abdulkadir
Published 22-05-2024, 04:56 pm

On Wednesday, Wells Fargo (NYSE:WFC) reaffirmed its Overweight rating on Amgen (NASDAQ:AMGN) with a steady price target of $320.00. The financial institution's analysis focused on the ongoing developments of Amgen's Tezepelumab (Teze) therapy, particularly as the company prepares for Phase 3 trials.

The discussions with regulatory authorities about appropriate dosing for the forthcoming Phase 3 trials are underway, as Amgen has not disclosed specific design principles or enrollment criteria. The Phase 2a COURSE study, which was described as signal seeking, utilized a high dose to ensure activity across various patient populations.

Amgen anticipates providing updates and guidance on the Teze Phase 3 study shortly. The company is targeting an estimated 700,000 to 1 million patients in the United States who could potentially benefit from this therapy, specifically those with a blood eosinophil count (BEC) greater than 150.

The focus on the Teze therapy comes as Amgen continues to explore treatment options for a range of patient populations. The Phase 2a results have shown promise, and the upcoming Phase 3 trials are expected to further evaluate the efficacy and safety of the treatment.

Investors and patients alike are looking forward to more detailed information on the Teze Phase 3 trial, which will provide a clearer picture of the therapy's potential impact on the market and patient care.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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