Biopharmaceutical company Amgen (AMGN) released positive results from Phase 3 trials of its two drug candidates, uplizna and rocatinlimab. Both the experimental drugs successfully met the key primary and secondary endpoints, paving the way for potential regulatory approval. This success strengthens Amgen’s ability to expand treatment options, positioning the company for increased revenue growth.
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It is worth mentioning that uplizna is a monoclonal antibody that targets CD19, a protein found in immune cells. By targeting this protein, the drug helps regulate the immune system and reduce the symptoms of myasthenia gravis. Importantly, AMGN disclosed that the drug helped improve daily activities, including chewing and swallowing, in patients with this rare muscle-weakening disease.
Moving on to the other drug, Amgen’s rocatinlimab is designed to treat atopic dermatitis, an inflammatory skin condition. Nearly 33% of patients in the study witnessed a significant improvement in their eczema symptoms.
AMGN Wins on the Legal Front
Amgen’s recent success extends beyond its experimental drug trials. In a significant legal win, the company successfully defended its investigational drug, Pavblu, against a patent infringement suit brought by Regeneron Pharmaceuticals (REGN). The company sought to prevent Pavblu from entering the market, citing potential harm to its own business.
The U.S. District Court in West Virginia rejected REGN’s request for a preliminary injunction, allowing Amgen to proceed with the development and potential commercialization of Pavblu, a biosimilar to Regeneron’s established eye therapy drug, Eylea.
Is AMGN a Good Stock to Buy?
Turning to Wall Street, AMGN has a Moderate Buy consensus rating based on nine Buys, seven Holds, and one Sell assigned in the last three months. At $339.31, the average Amgen stock price target implies 2.54% upside potential. Shares of the company have gained about 20% over the past six months.
