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.
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Published first on TheFly
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