Oppenheimer reiterates Amgen stock rating on cancer drug data

Oppenheimer has reinforced its positive outlook on Amgen Inc. (NASDAQ:AMGN) with an Outperform rating and a price target of $480 following promising clinical trial outcomes for its cancer treatment, Imdelltra. Currently trading at $439.26, the stock has surged 55% over the past year, nearing its 52-week high of $450.98. InvestingPro's analysis suggests the stock is fairly valued at present.

The Phase 3 DeLLphi-305 trial demonstrated Imdelltra, in combination with Imfinzi, lowered mortality risk by 58% compared to Imfinzi alone in the treatment of first-line maintenance for small cell lung cancer. This data underscores Imdelltra's potential as a key therapy for small cell lung cancer (SCLC). The firm highlighted that the expanded patient pool and extended treatment duration could broaden Imdelltra's commercial prospects.

Managing toxicity and leveraging its established presence are anticipated to facilitate adoption post-regulatory approval. Future studies are probing Imdelltra’s efficacy in induction therapy, limited-stage disease, and novel combinations. Additionally, Amgen's advancements in the xaluritamig program for prostate cancer are bolstering the firm's confidence in its BiTE platform.

The oncology sector is gaining prominence in Amgen's growth trajectory. The clinical data disclosed at ESMO has further solidified Oppenheimer's bullish stance on the company. For more detailed analysis, investors may explore InvestingPro's Pro Research Report on Amgen, among 1,400+ US equities covered. Other recent updates include Truist Securities forecasting Amgen's third-quarter 2026 revenue at $10.23 billion, exceeding the consensus estimate of $10.05 billion, with expected non-GAAP earnings per share of $5.90.

Amgen's collaboration with AstraZeneca revealed positive trial results for the asthma drug Tezspire, achieving a 69% remission rate in patients with eosinophilic esophagitis. Analysts at Oppenheimer, Cantor Fitzgerald, and Truist Securities have adjusted their price targets for Amgen, reflecting varying degrees of optimism regarding the company's financial and clinical advancements.