Positive Outlook for Amgen’s Stock Driven by Promising Rocatinlimab Trial Results

William Blair analyst Matt Phipps has maintained their bullish stance on AMGN stock, giving a Buy rating today.

Matt Phipps has given his Buy rating due to a combination of factors related to Amgen’s recent clinical trial updates. The Phase III ROCKET program, which includes studies like IGNITE, SHUTTLE, and VOYAGER, has shown promising results for rocatinlimab, an anti-OX40 antibody, in treating moderate to severe atopic dermatitis. These studies have demonstrated improved efficacy and safety profiles, with the IGNITE study achieving significant endpoints and showing a better efficacy/tolerability balance compared to previous data.
Although the results fall slightly short of existing therapies like Dupixent, the validation of the OX40 mechanism suggests a moderate commercial opportunity for Amgen. The lower rates of adverse effects such as pyrexia and chills in the HORIZON study further support the potential of rocatinlimab as a viable treatment option. Overall, these developments contribute to a positive outlook for Amgen’s stock, justifying the Buy rating.

In another report released today, Piper Sandler also reiterated a Buy rating on the stock with a $329.00 price target.

Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMGN in relation to earlier this year.