Amgen Holds Key to New Cancer Target as Competition Heats Up

A new cancer drug from Amgen Inc. has grabbed the market’s attention as the bellwether biotech company looks to replace aging blockbuster medicines.

Amgen is scheduled to announce a fresh update this weekend for AMG 510, which targets a specific gene mutation that signals tumor cells to grow. The new data, which come less than a month after early results in lung cancer missed some expectations, will focus on colon cancer. Investors want to see at least 30% of patients respond to the drug to spark a rally in the shares, Baird analyst Brian Skorney said.