Amgen price target raised to $297 from $278 at Piper Sandler

Piper Sandler analyst Christopher Raymond raised the firm’s price target on Amgen to $297 from $278 and keeps an Overweight rating on the shares. The analyst sees the full Phase 1 obesity data for AMG 133 data as confirmatory of the preliminary data at American Heart Association last month. While it is too early to model AMG 133, the data does warrant an increase in the multiple for the stock’s valuation, Raymond tells investors in a research note. The analyst sees an "intriguing profile" for AMG 133 and remains encouraged with the evident lack of plateauing in body weight loss during the multi-dose period.