William Blair Reaffirms Market Perform On Amgen Following Positive Phase III ASPIRE Results

In a research report released yesterday, William Blair analyst John Sonnier reaffirmed a Market Perform rating on Amgen Inc. (AMGN) on the heels of positive Phase III ASPIRE trial results with Kyprolis in combination with Revlimid and dexamethasone in relapsed multiple myeloma. No price target was assigned. 

Sonnier wrote, “We are encouraged by Kyprolis’s clinical profile demonstrated in the Phase III ASPIRE trial. The ASPIRE trial is a Phase III study composed of roughly 780 patients with relapsed multiple myeloma. Kyprolis in combination with Revlimid and dexamethasone extended the progression-free survival, the primary endpoint of the trial, by 8.7 months, versus Revlimid plus dexamethasone (26.3 months versus 17.6 months, p<0.0001). In addition to efficacy, a key focus of investors in the ASPIRE trial was on the cardiac toxicity. Full details of the trial will be presented later this year, but we note that cardiovascular toxicity was consistent in the ASPIRE trial with the current Kyprolis label in the United States. In our view, pending positive results from the Phase III FOCUS trial, which is scheduled to report this quarter, should further add to the drug’s commercial positioning”.

The analyst concluded, “We believe the shares remain fairly valued given the company’s near-term growth prospects; however, we acknowledge the company has a large number of ongoing Phase III trials, which could provide new growth opportunities over time, pending positive study results”.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst John Sonnier has a 35.6% average return and a 70% success rate. Sonnier has a -12.2% average return when recommending AMGN, and is ranked #344 out of 3203 analysts.

To read more ratings news on AMGN click here.

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