Matt Phipps, an analyst from William Blair, has initiated a new Buy rating on Amgen (AMGN).
Matt Phipps has given his Buy rating due to a combination of factors that highlight Amgen’s strategic positioning and potential for growth. The initiation of the Phase III MARITIME studies for MariTide, targeting obesity and overweight conditions, aligns with Amgen’s timeline and showcases their commitment to addressing significant health issues. The studies’ design, focusing on different dosing regimens and a primary endpoint of body weight change at week 72, indicates a thorough approach to understanding the drug’s long-term efficacy.
Moreover, Amgen’s management has provided insights into the study’s titration regimen, which aims to optimize dosing while minimizing side effects such as nausea and vomiting. This careful consideration of dosing strategies, along with the promising results from earlier phases showing substantial weight loss, supports the potential success of MariTide. These elements, combined with Amgen’s adherence to FDA guidelines and industry standards, contribute to Phipps’s positive outlook on the company’s stock.
In another report released yesterday, Piper Sandler also reiterated a Buy rating on the stock with a $329.00 price target.
Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMGN in relation to earlier this year.