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Fly News Breaks for May 22, 2017
AMGN
May 22, 2017 | 07:44 EDT
After Amgen (AMGN) and UCB (UCBJY) announced that the Evenity "ARCH" study met both primary endpoints but that there was also a newly observed cardiovascular safety signal in the trial, Credit Suisse analyst Alethia Young said any potential U.S. approval by the drug's July 19 PDUFA date is "off the table" and it is unclear as of now what U.S. approval timelines may be. She reduced her probability of success for romosozumab to 80% from 100% and lowered her price target on Amgen to $177 from $178. Young keeps a Neutral rating on Amgen shares.
News For AMGN From the Last 2 Days
AMGN
Mar 26, 2024 | 07:08 EDT
JPMorgan estimates Amgen (AMGN) without its obesity pipeline is worth $240-$250 per share and that the market is assigning $30-$40 per share of value to Maritide. While the competitive bar for Maritide is high and moving higher based on Novo Nordisk's (NVO) recent pipeline updates, the obesity market is also "unprecedented in terms of size," the analyst tells investors in a research note. The firm estimates peak sales for Maritide of $6B, equating to mid-single-digit share within the incretin space. JPMorgan believes this supports a value roughly in-line with what is reflected in Amgen's current share price. It sees a positive risk/reward scenario given the recent pullback but maintains a Neutral rating on the name with a $290 price target. The firm says Amgen is viewed as the best positioned name beyond Eli Lilly (LLY) and Novo to have a role in the obesity space.