(Reuters) – U.S. drugmaker Amgen (NASDAQ:)’s shares jumped 13% to $316.26 premarket on Friday as the corporate teased encouraging knowledge for its experimental weight problems drug, igniting investor hopes however leaving Wall Road pissed off over an absence of particulars.
Amgen, which is conducting mid-stage research of its injectable drug MariTide, stated that it was “assured in MariTide’s differentiated profile and consider it’s going to tackle necessary unmet medical wants.”
The corporate expects to have knowledge from the Part 2 trial late this yr and stated it’s planning “for a complete Part 3 program throughout a number of indications,” together with diabetes.
Traders late Thursday shrugged off a slight drop within the firm’s first-quarter adjusted revenue and slightly-lower-than anticipated gross sales of medication together with arthritis therapy Enbrel and psoriasis remedy Otezla.
“By no means Thoughts the Quarter – How ‘Bout That MariTide Replace?,” Piper Sandler analyst Christopher Raymond wrote in a analysis notice, calling the quarter “kind of ho hum.”
Raymond stated the corporate’s feedback about investing in manufacturing capability for medical and business provide have been encouraging, however added “frustratingly, administration offered little shade as to precisely HOW this agent seems differentiated from at the moment accredited GLP-1s.”
Brokerage RBC lower its value goal on Amgen’s inventory by $4 to $332 after the outcomes.
MariTide, given by injection, joins a compound designed to activate the GLP-1 hormone related to a sense of fullness to an antibody that blocks exercise of a special intestine hormone, GIP, which has been linked to metabolic regulation.
Amgen’s inventory, a part of the bluechip , has risen 21% prior to now 12 months however underperformed these of weight-loss market leaders Eli Lilly (NYSE:) and Novo Nordisk (NYSE:), which have risen about 75% and 54%, respectively.
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Amgen shares commerce 13.9 occasions their ahead 12-month earnings estimates, versus a ahead price-to-earnings ratio of 34.2 for Novo Nordisk and 48.49 for Eli Lilly.
