Citi Rates Rates Amgen (AMGN) A Medium Risk Buy

Citi Investment Research & Analysis analysts Yaron Werber, Navdeep Singh and Karim De felipe maintained their Buy/Medium Risk rating for shares of Amgen Inc (Nasdaq: AMGN), with a price target of $64 per share.

The analysts said that most regulatory hurdles for Amgen Inc's Dmab have been cleared because most of its Phase 3 data has been released.

They reported that the Food and Drug Administration is currently reviewing Dmab for various treatments.

If approval is granted, the analysts said that Amgen's stock could see a significant boost.

The Citi Investment Research & Analysis analysts wrote, "Amgen’s analyst event at ASCO provided good insight into the Dmab ph 3 trial for prevention of bone mets in prostate cancer pts (Study 147, data readout in Q4) and further highlighted the company’s underappreciated ph 2 pipeline. Learning from a prior failed Zometa study in early prostate cancer, we believe Amgen has properly powered Study 147 to detect a benefit in time to first bone met. On its pipeline, Amgen has high hopes that AMG386 will be active in more than one cancer due to its broad mechanism of action and avoid the sideeffects seen with anti-VEGF therapy. Finally, Amgen also announced that it submitted Dmab for the oncology indications in the EU last Friday."