AmgenAMGN

Jefferies set a price target of $410 for the stock, which is just below where it trades today. This is slightly higher than the average target of $395 across all major firms. Since the firm did not change its overall rating on the company, this is a routine update that reflects where analysts expect the price to settle rather than a change in their view of the business.

Source: Jefferies

Amgen announced that its drug dazodalibep met the main goals in a Phase 3 study, which is the final stage of testing before a company asks for government approval. The drug showed a meaningful improvement in systemic disease activity for patients with Sjögren's disease, a condition where the immune system attacks the body's own moisture-producing glands.

This result is important because there are currently few effective treatments for the systemic, or body-wide, symptoms of this disease. If approved, this drug would add to Amgen's growing lineup of rare disease treatments, helping to replace revenue as some of its older, blockbuster medicines begin to face cheaper competition.

Source: PRNewsWire

UBS set its price target for the biotech company at $430 on Thursday. This is higher than the average target of $394 across other Wall Street firms. While the firm is more optimistic than most, it did not change its overall rating on the stock.

Source: UBS

A competing drug from Novartis failed to reduce heart attacks and strokes in a major study. This is a concern because the drug successfully lowered a specific type of harmful cholesterol called Lp(a), but that drop did not lead to the health benefits researchers expected.

Amgen is developing its own drug to target the same cholesterol type. This failure by a rival suggests that simply lowering Lp(a) might not be enough to protect the heart. While Amgen's drug works differently, this result raises the risk for one of the company's multi-billion dollar experimental projects.

Source: CNBC

The U.S. Food and Drug Administration approved a change that shortens the time patients must be monitored after receiving their first two doses of Imdelltra. This drug treats a fast-growing form of lung cancer by helping the immune system find and attack tumor cells.

This is a practical win for the drug's rollout. Because the first doses can cause side effects that require observation, shorter monitoring times mean smaller community clinics and local doctors can more easily offer the treatment. This expands the drug's reach beyond large specialized hospitals, which is key to growing its sales.

Source: PRNewsWire

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