Piper Sandler Reiterates Overweight Rating on Amgen (AMGN)

Piper Sandler analyst Christopher Raymond reiterated an Overweight rating and $344.00 price target on Amgen (NASDAQ: AMGN).

The analyst comments "Remain OW rated on AMGN shares and would expect the stock to eventually recover from today’s initial sell-off on AMGN’s top-line of MariTide’s P2 data. A number of questions remain, but we see a drug that provides equivalent weight loss to tirzepatide much faster (52 weeks versus 72 weeks) with monthly dosing (versus weekly dosing), albeit with a key safety tradeoff (higher rates and lengthy window of nausea and vomiting, albeit predominantly focused on the first dose). Bottom line, this asset remains unmodeled, but we do think AMGN has a differentiated offering in this massive and growing category."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $294.00 yesterday.

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