Piper a buyer of Amgen shares after 'impressive' AMG 510 data
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on Amgen shares with a $210 price target following a first look at the Phase 1 data for AMG 510 in patients with locally-advanced or metastatic KRAS-G12C mutant solid tumors. Initial data presented in the abstract showed a 50% overall response rate in patients with on-small cell lung cancer, and today, "that impressive 50% ORR was maintained," Raymond tells investors in a research note titled "As Good as it Gets; AMG 510 Indicates Serious Utility in NSCLC & Maybe Even CRC." The analyst says that since the study is just Phase 1, he has not modeled the opportunity. However, given "these impressive results and the multi-billion dollar potential here," Raymond thinks it may make sense to begin to layer this into his model at some point. He's a buyer of Amgen in morning trading. The stock in early trading is up 4% to $173.30.