Jefferies Provides Color on Amgen, Buy

Jefferies provided color on Amgen AMGN. In a research report report published today, Jefferies commented on the development of some of Amgen's new drugs. The report states, "Phase 2 data for ganitumab (AMG-479), the most advanced IGF-IR antagonist in development, shows a trend toward longer OS in biomarket-derived subpopulation... Phase 3 ongoing for ganitumab plus gemcitabine in pancreatic cancer (GAMMA: Gemcitabine and AMGN-479 in Metastatic Adenocarcinoma of the Pancreas, n=825), with potential top-line data in ~October 2013... Phase 2 interim results of denosumab in giant cell tumor of bone (GCTB) shows no disease progression in >95% of treated patients." At the moment, Jefferies has a Buy rating and a price target of $70 placed on the company's stock. On Friday, Amgen lost 0.95% of its value to close the week at $58.69.