Terence Flynn, an analyst from Morgan Stanley, maintained the Hold rating on Amgen (AMGN – Research Report). The associated price target remains the same with $330.00.
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Terence Flynn has given his Hold rating due to a combination of factors related to Amgen’s current pipeline and market position. The company’s key asset, MariTide, shows promise in the obesity and Type 2 diabetes markets with its potential for less frequent dosing compared to existing treatments. However, the competitive landscape remains challenging, with established players like Eli Lilly and Novo Nordisk already having a strong presence.
Flynn’s analysis considers the upcoming data presentations at the American Diabetes Association conference, which will provide further insights into MariTide’s efficacy and safety profile. While Amgen has the resources to compete in the $150 billion obesity market, the preference for weekly injections among patients could limit the uptake of MariTide’s monthly dosing option. Consequently, Flynn applies a risk-adjusted model to forecast MariTide’s future sales, leading to a cautious Hold rating on Amgen’s stock.