Jefferies reviewed public data from the Phase 1 trial of AMG-133 showing additional measurements of bone density from obesity patients, which the firm says “could be interpreted depending if bearish or bullish.” While the firm sees the highest dose has some declines, it adds that “the data is all over the place” and the effect is headed back to normal since BMD “changes” are a known class effect for weight loss drugs and the company has seen all this data and published it. Based on the data the firm sees, it says “we are not overly concerned and view any pullback here as a buying opportunity” ahead of the Phase 2 data from Amgen (AMGN) that is coming soon. Jefferies has a Buy rating and $380 price target on Amgen shares.
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