Amgen (AMGN) stock is rising again after the biopharmaceutical producer addressed a recent data leak involving its weight loss drug’s impact on bone density. Earlier this week, AMGN shares plunged on speculation from analysts that MariTide, Amgen’s experimental weight loss drug, could lead to changes in bone density due to a data leak. However, the company has released a statement on these allegations in which it claimed that recent trial results do not suggest any concerning elements.
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What’s Happening with AMGN Stock
After falling yesterday on these bone density concerns, AMGN stock is trending upward again. As of this writing, it is up 2% for the day, making progress despite some volatility. While this rebound following the company’s statement on MariTide is encouraging, Amgen has still struggled over the past quarter and is currently down 5% for the three-month period.
This is the type of news it is important to take in context. It’s true that an analyst from Cantor Fitzgerald recently speculated that leaked data from a MariTide Phase 1 trial suggested the drug could cause patients to lose bone density. However, the analyst also noted that the findings, “could be a non-starter” as bone density losses could depend on the dose.”
Amgen quickly addressed these speculations, stating that its team “does not see an association between the administration of MariTide and bone mineral density changes.” It hasn’t taken AMGN stock long to start rising, which suggests that the market isn’t too concerned about the analyst’s take and indeed considers it to be a non-starter.
Wall Street Remains Bullish on AMGN Stock
Overall, Wall Street isn’t too concerned about Amgen. Analysts have a Moderate Buy consensus rating on AMGN stock based on 12 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 15% rally in its share price over the past year, the average AMGN price target of $343.35 per share implies 14% upside potential.
