Amgen price target raised by Jefferies to $410 after positive Sjögren's data
Jefferies raised Amgen's price target to $410 from $367 after positive Phase 3 results for dazodalibep in systemic Sjögren's disease. The drug showed significant improvement in ESSDAI at week 48, with better safety and tolerability. Jefferies increased peak sales estimates to $4.5 billion and raised revenue and EPS forecasts for 2026-2027.
How this was made
The 30-second read
Why it matters
Jefferies’ PT increase is driven by earlier efficacy separation (week 4 vs later separation in a comparator trial), revised risk-adjusted peak sales, and incremental support for the upcoming symptomatic-disease Phase 3 readout expected in Q4 2026.
Market read
Traders may adjust AMGN positioning based on updated sell-side expectations for Sjögren’s revenue contribution, while monitoring the next Phase 3 symptomatic data catalyst.
What to watch
Prior CD40/CD40L setbacks (iscalimab, frexalimab) suggest higher baseline skepticism; safety/tolerability and label positioning could diverge from Jefferies’ assumptions.
Background
The note centers on dazodalibep, a CD40L antagonist, with Phase 3 systemic Sjögren’s results reported as statistically significant and clinically meaningful on ESSDAI at week 48.
Ticker impact
Jefferies raised Amgen’s price target to $410 after positive Phase 3 dazodalibep data in systemic Sjögren’s disease, lifting peak sales estimates.
Near-term upside bias for AMGN as traders price in higher probability-weighted Sjögren’s revenue, but expect volatility around the next Phase 3 symptomatic readout.
The article is an analyst target change anchored to specific Phase 3 endpoint improvements and revised peak sales and forecasts, which can drive sentiment and positioning even without a company filing or FDA action.
Market effects
Reinforces investor appetite for CD40/CD40L pathway assets in autoimmune disease, potentially improving sentiment for competing Sjögren’s programs.
Limited direct regional spillover; primarily affects US large-cap pharma sentiment.
Autoimmune biotech read-through may influence global pharma risk appetite for similar immunology mechanisms.
Counterpoint
The symptomatic Sjögren’s Phase 3 readout is still pending, so the systemic-only positivity may not translate into full program success or durable commercial uptake.
Key entities
- companyAmgen
US-listed pharma company whose dazodalibep Phase 3 systemic Sjögren’s results prompted a Jefferies price-target increase.
- drugdazodalibep
CD40L antagonist in Amgen’s Phase 3 programs for systemic and symptomatic Sjögren’s disease.
- analyst_firmJefferies
Brokerage that raised Amgen’s price target to $410 and updated peak sales and forecast assumptions.
