Credit Suisse still bullish on Amgen, sees possible weakness following ESMO data
Commenting on Amgen's updated data for AMG510 in colorectal and appendiceal cancers presented at ESMO, Credit Suisse analyst Evan Seigerman notes that the objective response rate was much lower than what he saw in non-small cell lung cancer at 3% in all patients and 8% in the highdose cohort. While there was a decent disease control rate, the analyst argues that it is clear that biologic differences between lung and CRC patients are driving significantly different clinical results. Given the divergence between the lung cohort and the CRC patients, Seigerman expects potential weakness in Amgen's shares. Nonetheless, the analyst remains positive on AMG 510 in NSCLC with potential for other combinations or monotherapy, and reiterates an Outperform rating and $225 price target on the stock.