On Thursday, Piper Sandler reiterated its Overweight rating on Amgen (NASDAQ:AMGN) stock, with a price target of $329.00, above the current consensus range of $185-400. According to InvestingPro data, the stock is trading near its Fair Value, with 6 analysts recently revising earnings estimates upward. The affirmation comes after a recent investor luncheon in New York, where a prominent endocrinologist provided a bullish perspective on Amgen’s product, MariTide.
The luncheon, which featured healthier food options in line with the obesity discussion, contrasted with a previous event in Boston where the sentiment was not as positive. The New York event’s key opinion leader (KOL) expressed optimism about MariTide, highlighting a shift in expert opinion.
Piper Sandler’s analyst noted that the debate among experts about MariTide is not questioning the quality of its weight loss and cardiometabolic data. Instead, the discussion focuses on the potential adoption of MariTide, an ultra-long-acting self-injectable treatment, especially among general practitioners, in a market that also has daily oral options available.
The analyst emphasized the importance of such expert debates and perspectives in understanding the potential market reception and positioning of new pharmaceutical products like MariTide. The reiteration of the Overweight rating and price target suggests confidence in the stock’s performance and Amgen’s market strategy for MariTide.
Amgen, a biopharmaceutical company, is likely to continue attracting attention from investors and analysts alike as it navigates the competitive landscape of obesity treatments with its innovative approach. The company’s stock performance will be one to watch, especially as more data and expert opinions emerge regarding its product offerings.
In other recent news, Amgen has reported significant developments in its clinical trials and financial outlook. The Phase 3 DeLLphi-304 clinical trial for IMDELLTRA (tarlatamab-dlle), targeting small cell lung cancer, achieved its primary endpoint, demonstrating a statistically significant improvement in overall survival compared to standard chemotherapy. This positions IMDELLTRA as a potential standard of care, with Amgen planning to present detailed data at an upcoming medical congress. On the financial front, UBS analyst Colin Bristow raised Amgen’s stock price target to $319, maintaining a Neutral rating, and noted expectations for robust first-quarter financial performance in 2025. Cantor Fitzgerald also maintained a Neutral rating, setting a price target of $305, while expressing caution about the growth potential of Amgen’s obesity treatment, MariTide. Piper Sandler, on the other hand, reaffirmed an Overweight rating with a $329 price target, citing confidence in MariTide’s role in obesity management despite concerns about its tolerability. These recent developments reflect Amgen’s ongoing efforts to expand its product portfolio and maintain a competitive position in the biopharmaceutical industry.
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