Amgen’s Cautious Progress and Long-Term Strategy Justifies Hold Rating

Leerink Partners analyst David Risinger has maintained their neutral stance on AMGN stock, giving a Hold rating on June 24.

David Risinger has given his Hold rating due to a combination of factors related to Amgen’s recent developments and future prospects. The company’s recent investor webcast highlighted updates on the MariTide program, including the implementation of a slower titration process in Phase 3 trials to improve patient tolerability. This cautious approach, while potentially beneficial for patient outcomes, suggests a measured pace of progress.
Furthermore, Amgen’s plans to initiate new Phase 3 trials focusing on various cardiovascular and sleep-related conditions indicate a long-term strategy that may take time to yield results. The anticipated disclosure of further Phase 2 trial data in the second half of 2025 and initial Phase 3 results in the first half of 2027 suggests that significant insights into the program’s success are still forthcoming. These elements contribute to a Hold rating, reflecting a wait-and-see approach as more data becomes available.

In another report released on June 24, Guggenheim also maintained a Hold rating on the stock with a $288.00 price target.

AMGN’s price has also changed slightly for the past six months – from $264.000 to $272.440, which is a 3.20% increase.