Amgen’s Mixed Trial Results and Competitive Challenges Lead to Hold Rating

Leerink Partners analyst David Risinger has maintained their neutral stance on AMGN stock, giving a Hold rating on March 10.

David Risinger has given his Hold rating due to a combination of factors related to Amgen’s recent trial results and market position. The company has been conducting multiple Phase 3 trials in its ROCKET program for atopic dermatitis, with mixed results. The ROCKET-HORIZON trial showed underwhelming efficacy compared to placebo, while the ROCKET-IGNITE trial demonstrated more promising results with a significant improvement in patient outcomes at the same dosage level.
Despite the positive data from the ROCKET-IGNITE trial, there are concerns about the variability in trial results and the competitive landscape, as other treatments like Dupixent have shown comparable efficacy. Additionally, safety concerns such as pyrexia and chills, although primarily occurring after the first dose, may impact the drug’s overall appeal. Given these factors, Risinger maintains a cautious outlook, resulting in a Hold rating for Amgen’s stock.

In another report released on March 10, Morgan Stanley also maintained a Hold rating on the stock with a $328.00 price target.