Amgen price target lowered to $330 from $360 at RBC Capital

RBC Capital analyst Gregory Renza lowered the firm’s price target on Amgen (AMGN) to $330 from $360 and keeps an Outperform rating on the shares. The company’s MariTide’s Phase II topline data meet RBC’s efficacy bar with a weight loss of up to 20% at week 52, albeit on the low end, the analyst tells investors in a research note. The firm sees the monthly or less frequent dosing for enhanced weight maintenance and durability as a potential differentiator to commercial and emerging therapeutics. That said, the positive attributes of MariTide are balanced by the open questions on tolerability and the go-forward regimen, says RBC. It believes MariTide’s ultimate profile in obesity remains a “work-in-progress” but still likes Amgen shares despite the lowered target.