Amgen, Inc. (NASDAQ: AMGN) Reports Positive Results Phase 1b Clinical Study Of AMG 145

Amgen, Inc. (NASDAQ: AMGN) shares are gaining in Monday’s session after the company announces positive results from phase 1b clinical study of amg 145. The study revealed that multiple doses of the drug significantly reduced LDL, or bad cholesterol, by up to 81%, as compared to placebo in patients on low to moderate doses of statins. The Phase 1b study of 51 patients on stable doses of statins was designed to assess the safety and tolerability of AMG 145 and its effect on LDL-C levels versus placebo.Patients on low to moderate doses of statins who received AMG 145 every two weeks had mean LDL-C reductions of up to 75% versus placebo at week six. The patients on low to moderate doses of statins who received AMG 145 every four weeks demonstrated up to a 66% reduction in LDL-C at week eight.AMG 145 is an investigational PCSK9 inhibitor, a protein that reduces the liver's ability to remove LDL-C from the blood. High LDL cholesterol is the main contributor to the risk of developing cardiovascular disease.

Analysts are neutral on the stock with 16 of 29 brokerage firms have hold rating on the stock, 11 have Buy or strong buy rating with one single firm have a sell rating. The median target of 19 brokers is $72 with high and low price target of $80 and $58 respectively.

Recently, the company had announced second quarter dividend of $0.36 per share, payable on June 7, 2012, to all stockholders of record as of the close of business on May 16, 2012.Also, in Mid February, the company reached a new agreement with Dako on the development of a diagnostic test for an Amgen cancer drug candidate in clinical development.  
Amgen gained 1.34% to $67.54 in the morning hour on 1.39 million shares. The 52 week trading range for the company is $47.66 - $70.00. Amgen is an independent biotechnology medicines company. Amgen discovers, develops, manufactures and markets medicines for grievous illnesses.