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Amgen price target cut at Piper on lower Otezla estimates
The Fly

Amgen price target cut at Piper on lower Otezla estimates

Piper Sandler analyst Christopher Raymond lowered the firm’s price target on Amgen (AMGN) to $293 from $299 and keeps an Overweight rating on the shares. New survey data makes him "increasingly concerned" that management’s upbeat long-term guidance provided last year may be "unrealistic" as he is lowering his above-consensus Otezla estimates "meaningfully" given the view that Bristol-Myers’ (BMY) Sotyktu is poised to take meaningful moderate-severe psoriasis patient share from Otezla in the intermediate to long term. Amgen may say that Otezla’s move into the mild setting is a meaningful offset, but dermatologist projections around a shift toward Sotyktu are "too stark for us to ignore," Raymond tells investors.

Published first on TheFly

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