Amgen Completes 256-Patient Phase 3 Trial for ABP 206, Wells Fargo Hikes Target to $375
Amgen completed its Phase 3 trial of ABP 206, enrolling 256 resected stage III/IV melanoma patients over a 12-month adjuvant period, with final data updates posted in February 2026 to support regulatory filings. Wells Fargo raised Amgen’s price target from $325 to $375, incorporating 10-K financials and adding value for its Phase 3 pipeline assets.
1. Phase 3 Trial Completion
Amgen’s Phase 3 study (NCT05907122) of ABP 206, a nivolumab biosimilar candidate for resected stage III/IV melanoma, officially reached Completed status on February 27, 2026. The trial enrolled 256 patients over a 12-month adjuvant period, with primary completion in March 2025 and final data updates prompting analysis for regulatory filings.
2. Wells Fargo Price Target Increase
On February 19, 2026, Wells Fargo boosted its price target on Amgen shares from $325 to $375 while retaining an Equal Weight rating. The firm cited incorporation of recent 10-K financials and assigned additional value to Amgen’s late-stage pipeline assets in its revised valuation model.
3. Institutional Stake Adjustment
During the third quarter, Blair William & Co. IL trimmed its Amgen position by 2.8%, selling 4,654 shares and leaving 162,239 shares held. This adjustment reflects ongoing portfolio rebalancing by the institutional investor.