Amgen price target lowered to $328 from $332 at RBC Capital

RBC Capital lowered the firm’s price target on Amgen to $328 from $332 and keeps an Outperform rating on the shares. The Q1 report was “largely fine,” but MariTide’s stated success on the Phase II interim data look internally “takes the cake on the call,” the analyst tells investors in a research note. The firm says this clears the way for aggressive pivotal planning. Amgen disclosed that MariTide’s profile is “differentiated” and the Phase II data are “very encouraging” with Phase III advancement in broad obesity-related conditions and manufacturing capacity expansion underway, RBC points out. The firm updated its model on the quarter and latest portfolio dynamics.