Oppenheimer Notes Positive Results for Amgen's Xgeva

Oppenheimer is out with a report on Amgen AMGN, following Amgen's Xgeva results. In a note to clients, Oppenheimer writes, "AMGN announced Xgeva (denosumab) delayed bone mets in patients with advanced prostate cancer (PC) in the ph.III '147 trial. We view these results as clearly clinically meaningful, given the significant morbidity associated with bone mets in this setting. Although the secondary OS endpoint was not reached, we believe Xgeva's met prevention benefit and reasonable tolerability should lead to approval and very meaningful penetration, given the unmet medical need." Oppenheimer increased its 2011-2014 EPS estimates on AMGN from $5.39, $6.03, $6.67, and $7.05, to $5.41, $6.08, $6.80, and $7.30. Oppenheimer maintains its Outperform rating and $69 price target on AMGN.