UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Amgen Following AMAGINE-1 Study

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In a report published Monday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on
AmgenAMGN
, but removed the $140.00 price target. In the report, Morgan Stanley noted, “The AMAGINE-1 study is the 1st of three PhIII studies for brodalumab (AMAGINE-2 & 3 are head-to-head comparisons with Stelara). The two studied doses (210mg and 140mg) achieved statically significant PASI 75 (83.3% and 60.3% v 2.7%), PASI 90 (70.3% and 42.5% v 0.9%) and PASI 100 (41.9% and 28.7% v 0.5%) reductions vs placebo. Serious AEs were balanced (1.8% for 210mg, 2.7% for 140mg and 1.4% for pbo) with headaches and colds the most common AEs.” Amgen closed on Friday at $111.48.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsMatthew HarrisonMorgan Stanley
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