Analyst Sees Greater Vectibix Sales For Amgen

NEW YORK (AP) — Amgen Inc.'s shares rose Tuesday after an analyst upgraded the stock and said upcoming clinical trial results may boost sales of the cancer drug Vectibix.

Amgen is expected to report results from two late-stage trials of Vectibix, a colorectal cancer drug, by the end of September. Bernstein Research analyst Geoffrey Porges said he expects the results will show Vectibix is about as effective as a more popular drug, Erbitux, which could boost sales to more than $1 billion over the next few years.

That would give a valuable revenue boost to Amgen, which has seen its results struggle due to safety concerns surrounding its anemia drugs. Porges upgraded Amgen to "outperform" from "market perform," and raised his price target on the stock to $65 per share from $57. ...