BMO Cuts Amgen (AMGN) Price Target After Mixed MariTide Data at ADA Conference

Amgen Inc. (NASDAQ:AMGN) ranks among the best low volatility stocks to buy according to analysts. While keeping its Outperform rating, BMO Capital lowered its price target for Amgen Inc. (NASDAQ:AMGN) from $346 to $335 on July 9. Amgen’s narrative now “flips commercial” with a further MariTide catalyst not expected until later this year, according to the firm, which attributed the change in large part to a “mixed MariTide readout” at the American Diabetes Association (ADA) conference.

BMO Cuts Amgen (AMGN) Price Target After Mixed MariTide Data at ADA Conference

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Following what it called “disappointing data” provided at the ADA meeting, the company lowered its peak sales expectations for Amgen’s MariTide from $3.64 billion to $2.14 billion in adjusted global peak sales spanning both Obesity and Type 2 Diabetes.

However, BMO Capital said that numerous Amgen Inc. medications, such as Evenity, Repatha, and Tezspire, showed solid year-over-year prescription trends, with their updated forecasts now set at $495 million, $684 million, and $374 million.

Amgen Inc. is a global biopharmaceutical company that focuses on human treatments for cardiovascular, hematology, inflammation, cancer, and bone health.

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