Investment firm William Blair upgraded Amgen's stock rating to “outperform the market.” Barclays also raised Amgen's stock rating, from “reducing holdings” to “holding and watching.”
The Zhitong Finance App learned that investment company William Blair raised its stock rating of AMGN.US (AMGN.US) to “outperform the market.” Earlier, Amgen management made encouraging remarks about MariTide, the company's candidate weight loss drug, which is expected to be released later this year. Barclays also raised Amgen's stock rating, from “reducing holdings” to “holding and watching,” and the target price was raised from $230 to $300.
William Blair said that although there has been “significant controversy” about MariTide's safety and efficacy since the release of the first phase data in 2022, the company “is increasingly confident in the treatment's potential to significantly differentiate itself from other treatments in the development process, particularly in terms of treatment intervals.”
William Blair added that the company believes MariTide has “the potential for a variety of blockbuster products, although it needs to break through the current competitive duopoly in clinical development.” The company also believes Amgen “has the ability and expertise to maximize the development of this asset.” The company notes that with minimal drug withdrawal and lower frequency of medication, the results of losing weight by 20% or more “will drive Amgen's stock price up significantly.”