Goldman Sachs analyst Salveen Richter has maintained their bullish stance on AMGN stock, giving a Buy rating on June 24.
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Salveen Richter has given his Buy rating due to a combination of factors surrounding Amgen’s recent developments with MariTide. The latest Phase 2 data, presented at the American Diabetes Association meeting, demonstrated a strong efficacy profile for MariTide in treating obesity, with no signs of weight loss plateau at 52 weeks. This suggests a promising potential for the drug’s effectiveness over time.
Furthermore, while there are some concerns about tolerability, particularly regarding vomiting and discontinuation rates, improvements have been observed in the two-step dose-escalation cohort, and further enhancements are expected in Phase 3 trials. Additionally, Amgen’s ongoing Phase 3 program and new studies in cardiovascular outcomes, heart failure, and sleep apnea indicate a broadening of MariTide’s potential applications. Despite these promising developments, the current market valuation does not fully reflect the potential commercial success of MariTide, leading to the Buy recommendation.
According to TipRanks, Richter is a 4-star analyst with an average return of 8.2% and a 41.33% success rate. Richter covers the Healthcare sector, focusing on stocks such as Amgen, Biogen, and Regeneron.
In another report released on June 24, BMO Capital also reiterated a Buy rating on the stock with a $346.00 price target.