Cautious Hold Rating on Amgen Amid Rocatinlimab’s Efficacy and Safety Concerns

Wells Fargo analyst Mohit Bansal has maintained their neutral stance on AMGN stock, giving a Hold rating on March 3.

Mohit Bansal has given his Hold rating due to a combination of factors surrounding Amgen’s recent developments. The efficacy and safety profile of rocatinlimab, a drug in Amgen’s pipeline for atopic dermatitis, has not met expectations when compared to existing treatments. The data from the Phase 3 ROCKET program showed that rocatinlimab’s performance was underwhelming in terms of efficacy, particularly when compared to competitors like Dupixent, Lebrikizumab, and Rinvoq.
Additionally, the safety profile of rocatinlimab raised concerns, with higher incidences of adverse events such as pyrexia, chills, and headaches reported in trials. These safety signals, coupled with the drug’s limited efficacy, suggest that rocatinlimab may struggle to gain a significant market position against established treatments. As a result, these factors contribute to the Hold rating, indicating a cautious approach to Amgen’s stock amidst these challenges.