Amgen Inc.

(NASDAQ Global Select)
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Bullish +75

Amgen wins Sjogren's trial as Jefferies raises target for Amgen stock

Clinical trial results Drug approval Earnings report AI-generated analysis

📈 Amgen achieved a positive primary endpoint in its Phase 3 OASIZ 301 trial for dazodalibep treating systemic Sjogren's disease.

💰 Jefferies raised the price target for Amgen stock to USD 410.00 and lifted peak sales estimates for dazodalibep to USD 4.50 billion.

📊 Second-quarter revenue grew 9.50 percent year-over-year to reach USD 10.05 billion, driven by strong core business performance.

💹 Amgen reported earnings per share of USD 6.29, exceeding analyst consensus estimates by USD 0.67 in Q2 2026.

🔮 The company provided 2026 EPS guidance ranging from USD 22.30 to USD 23.50, indicating sustained profitability expectations.

🏥 Approximately 621 patients were enrolled in the Sjogren's trial, providing a robust dataset for regulatory and commercial assessment.

📉 Amgen stock traded up 0.61 percent to EUR 364.45 on October 2, 2026, following the positive catalysts.

🔍 A second Phase 3 study (OASIZ 303) is expected to complete in the fourth quarter of 2026 for further validation.

🏛️ Amgen maintains a Hold rating from Jefferies despite the bullish analyst actions and improved price targets.

📉 The average analyst 12-month target remains at USD 381.32, slightly below Jefferies' revised higher target of USD 410.00.

Bullish Signals
  • Amgen successfully met the primary endpoint in its Phase 3 OASIZ 301 trial for dazodalibep in systemic Sjogren's disease, showing sustained improvement in disease activity.
  • Jefferies raised its price target for Amgen stock to USD 410.00 and increased peak sales estimates for dazodalibep from USD 1.00 billion to USD 4.50 billion.
  • Second-quarter revenue increased 9.50 percent year-over-year to reach USD 10.05 billion, demonstrating robust top-line growth.
  • Amgen reported Q2 earnings per share of USD 6.29, beating the consensus estimate of USD 5.62 by USD 0.67.
  • The company provided forward guidance for 2026 EPS between USD 22.30 and USD 23.50, signaling confidence in future profitability.
  • The Phase 3 trial enrolled approximately 621 patients, providing a meaningful development scope for the Sjogren's indication.
Risk Factors
  • Jefferies retained a Hold rating despite raising the price target, indicating analysts view the stock as fairly valued rather than overvalued.
  • The average 12-month analyst target of USD 381.32 is below Jefferies' new target of USD 410.00, suggesting some divergence in valuation expectations.
  • A second Phase 3 study (OASIZ 303) remains pending completion in Q4 2026 before full commercial opportunity can be fully assessed.
Full Analysis
Amgen Inc. reported a positive Phase 3 clinical trial result for its drug dazodalibep in systemic Sjogren's disease, marking a significant milestone for the biopharmaceutical company. The OASIZ 301 study met its primary endpoint at Week 48, demonstrating early improvement in disease activity measures that persisted through the end of the trial period. Following the successful clinical data, investment bank Jefferies raised its price target for Amgen stock from USD 367.00 to USD 410.00 and increased its peak sales estimate for dazodalibep significantly to USD 4.50 billion. Despite maintaining a Hold rating, the analyst upgrade reflects strong confidence in the commercial potential of the new therapy. Amgen also delivered solid financial performance in the second quarter of 2026, with revenue rising 9.50 percent to USD 10.05 billion and earnings per share beating consensus estimates by USD 0.67. The company provided forward guidance for 2026 EPS between USD 22.30 and USD 23.50, reinforcing its growth trajectory alongside the pipeline success. Trading on October 2, 2026, Amgen shares were up 0.61 percent to EUR 364.45, reflecting a measured market reaction to the combined news of clinical validation and financial strength. The company remains a key component of major indices including the Dow Jones Industrial Average and Nasdaq-100.