Amgen presented results from the Phase 3 ADVANCE trial of Otezla in patients with plaque psoriasis at the American Academy of Dermatology Virtual Meeting Experience 2021.
In the placebo-controlled trial, the drug showed improved measures of disease severity in patients, irrespective of the body surface area affected by plaque psoriasis.
Amgen (AMGN) Executive Vice President of Research and Development, David M. Reese, M.D. said, “These positive ADVANCE results add to the growing evidence supporting the potential benefit of Otezla in adults with mild-to-moderate plaque psoriasis.”
Reese added, “We look forward to continuing to work with the FDA to potentially expand access to oral Otezla to adults with mild-to-moderate disease severity.” (See Amgen stock analysis on TipRanks)
In the US, Otezla was first approved in 2014 and has been prescribed to more than 250,000 patients. In February, the company submitted a supplemental New Drug Application (sNDA) for Otezla for treating mild-to-moderate plaque psoriasis. The application is currently under review.
On April 19, Mizuho Securities analyst Salim Syed reiterated a Hold rating on the stock with a price target of $200, which implies 22.2% downside potential.
In anticipation of Amgen’s upcoming 1Q results on April 27, Syed expects investor focus to “remain on sotorasib’s upcoming anticipated launch and combo data, Amgen’s BiTE portfolio and where it stands, bema regulatory interactions and tezepelumab.”
Consensus on the Street is that Amgen is a Moderate Buy based on 8 Buys, 7 Holds and 1 Sell. The average analyst price target of $255.64 implies the stock is fairly priced. Shares have gained about 10.6% over the past year.
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