Morgan Stanley analyst Terence Flynn keeps an Equal Weight rating and $319 price target on Amgen (AMGN) while naming the stock the firm’s “Catalys Driven Idea” heading into the release of Phase 2 diabesity data expected in Q4 of this year. The firm’s base case is that MariTide demonstrates a tolerability and efficacy profile similar to Tirzepatide, noting that the management has expressed confidence in the profile of MariTide and the ability to differentiate on multiple fronts, the analyst tells investors in a research note. The firm adds however that regarding dosing, its physician conversations and prior patient survey work suggest that monthly dosing alone will not be sufficient to take meaningful share from Eli Lilly (LLY) and Novo Nordisk (NVO).
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