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.

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. (NASDAQ:AMGN) 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. (NASDAQ:AMGN) is a global biopharmaceutical company that focuses on human treatments for cardiovascular, hematology, inflammation, cancer, and bone health.

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