On Wednesday, Wells Fargo (NYSE:WFC) reaffirmed its Overweight rating on Amgen (NASDAQ:AMGN) with a steady price target of $320.00. The financial institution's analysis focused on the ongoing developments of Amgen's Tezepelumab (Teze) therapy, particularly as the company prepares for Phase 3 trials.
The discussions with regulatory authorities about appropriate dosing for the forthcoming Phase 3 trials are underway, as Amgen has not disclosed specific design principles or enrollment criteria. The Phase 2a COURSE study, which was described as signal seeking, utilized a high dose to ensure activity across various patient populations.
Amgen anticipates providing updates and guidance on the Teze Phase 3 study shortly. The company is targeting an estimated 700,000 to 1 million patients in the United States who could potentially benefit from this therapy, specifically those with a blood eosinophil count (BEC) greater than 150.
The focus on the Teze therapy comes as Amgen continues to explore treatment options for a range of patient populations. The Phase 2a results have shown promise, and the upcoming Phase 3 trials are expected to further evaluate the efficacy and safety of the treatment.
Investors and patients alike are looking forward to more detailed information on the Teze Phase 3 trial, which will provide a clearer picture of the therapy's potential impact on the market and patient care.
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