[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob20586e3":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob20586e3","50-亿美元单品浮出水面？摩根大通维持安进(AMGN)“中性”评级：好药不等于好买点","\u002Fdoc\u002Fdciob20586e3","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，摩根大通最新研报称，安进(AMGN)上周末在 ESMO 会议上公布的 Imdelltra 一线维持治疗数据\"令人印象深刻\"，或支撑该药向更早治疗线挺进，成为潜在 50 亿美元级重磅单品。不过该行仍维持\"中性\"评级，目标价 350 美元，低于当前股价约 439 美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>数据有多强？总生存期 HR 0.42，无进展生存期超三倍\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在周末的欧洲肿瘤内科学会(ESMO)年会上，安进公布了 DeLLphi-305 三期试验结果。在广泛期小细胞肺癌这一公认\"难治\"的患者群体中，接受 Imdelltra 联合阿斯利康 Imfinzi 治疗的患者，中位总生存期(mOS)达到 21.1 个月，而单用 Imfinzi 组仅为 12.7 个月，死亡风险比(HR)低至 0.42。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>更直观的是无进展生存期(mPFS)联合组为 7.4 个月，单药组仅 1.9 个月，提升超过三倍。摩根大通分析师 Chris Schott 直言，这一获益幅度\"支持 Imdelltra 在更早期治疗线中扮演重要角色\"。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>安进计划近期向美国 FDA 递交该数据。鉴于疗效幅度之大，摩根大通认为\"不足为奇\"的是——数据可能在获得完全批准前，就被纳入 NCCN 及其他治疗指南。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>三大引擎人群翻倍、用药时长 2.5 倍、依从性改善\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>摩根大通测算，Imdelltra 向一线推进将带来三重放大效应其一，目标人群扩容。美国一线小细胞肺癌患者约 2.3 万人，显著高于二线的约 1.4 万人，且随着患者生存期延长，这一人群还将持续扩大。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>其二，用药持续时间显著拉长。DeLLphi-305 中位治疗持续时间约为二线用药的 2.5 倍，意味着单患者贡献的收入周期更长。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>其三，可及性与依从性改善。此前首次两次输注需 22-24 小时监测，现已降至 6-8 小时，一线维持治疗更降至 1-2 小时;叠加不良反应发生率更低，将直接转化为更高的渗透率。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>三者合力，摩根大通将 Imdelltra 视为安进潜在的 50 亿美元以上 单品，并看好其对市场一致预期的\"上行空间\"。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>谨慎背后中性评级、目标价倒挂\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>尽管在研管线亮点明确，摩根大通仍对安进维持\"中性\"评级，目标价 350 美元——较 10 月 23 日收盘价 439.26 美元存在约 20% 的倒挂。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这一谨慎态度延续了该行过去两年的评级轨迹自 2024 年 1 月(目标 290 美元)、2024 年 10 月(目标 300 美元)、2026 年 8 月(目标 350 美元)以来，评级始终未上调至\"增持\"，目标价的上调也明显滞后于股价的实际涨幅。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>小细胞肺癌素有\"癌王\"之称，进展快、预后差，一线标准方案长期由 PD-L1 抑制剂联合化疗主导。Imdelltra 作为双特异性 T 细胞衔接器，此次在一线维持阶段的数据，为这一长期\"缺药\"的领域带来了增量选择。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>对投资者而言，这份研报传递的信号清晰好药不必然等于好买点。Imdelltra 前景的兑现，能否抵消安进在专利悬崖、竞品压力及整体管线回报率方面的隐忧，将是决定其估值走向的关键。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]