Amgen (AMGN) Stock Rises on 'Non-Inferior' Late-Stage Trial Results

A late-stage trial for Amgen’s (AMGN) drug ABP 980 shows its ‘non-inferiority’ to Roche’s (RHHBY) biosimilar branded product.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Amgen (AMGN) - Get Report  are up 0.40% to $163.91 this morning after a late-stage study on its biosimilar drug ABP 980 developed with collaborative partner Allergan (AGN) showed that it is "non-inferior" to Roche's (RHHBY) branded product, Herceptin.

Both drugs have similar adverse effects, according to a company statement.

"Biosimilars are approved based on the analytical, nonclinical and clinical data," said executive VP of R&D at Amgen, Sean Harper. He added that the evidence the company has generated shows ADP 980 is "highly similar" to the reference drug.

"These results provide significant clinical evidence that ABP 980 could be an important biosimilar treatment option for patients with HER2-positive early breast cancer," said David Nicholson, chief R&D officer at Allergan.

Allergan and Amgen are currently collaborating on the development of four oncology biosimilars.

Shares of Allergan are up 0.19% to $247.44.

Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of A+.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, reasonable valuation levels and expanding profit margins. Although no company is perfect, currently TheStreet Ratings does not see any significant weaknesses which are likely to detract from the generally positive outlook.

You can view the full analysis from the report here: AMGN

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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