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Investing.com - BMO Capital maintained its Outperform rating and $346.00 price target on Amgen (NASDAQ:AMGN) stock Tuesday following the release of Phase 1 MariTide clinical trial data. According to InvestingPro, Amgen currently appears undervalued based on its Fair Value analysis, with the company maintaining a solid profit margin of ~30% and a healthy dividend yield above 3%.
The research firm noted that the Phase 1 data suggests a potential path to improved tolerability in Phase 3 trials, with Amgen demonstrating that slower and 2-step dose escalation improved MariTide tolerability.
Based on these findings, Amgen is adopting a 3-step dose escalation design for its Phase 3 trials in an effort to further improve the tolerability profile of MariTide.
BMO Capital acknowledged Amgen’s thoughtful approach to mitigating the tolerability issues that were evident in the clinical data.
The research firm expressed uncertainty about what impact this new titration scheme might have on efficacy, citing the lack of a dose response observed in Phase 2 trials.
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