(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 Street annoyed over a scarcity of particulars.
Amgen, which is conducting mid-stage research of its injectable drug MariTide, stated that it was “confident in MariTide’s differentiated profile and believe it will address important unmet medical needs.”
The firm expects to have knowledge from the Phase 2 trial late this 12 months and stated it’s planning “for a comprehensive Phase 3 program across multiple indications,” together with diabetes.
Investors late Thursday shrugged off a slight drop within the firm’s first-quarter adjusted revenue and slightly-lower-than anticipated gross sales of medicine together with arthritis remedy Enbrel and psoriasis remedy Otezla.
“Never Mind the Quarter – How ‘Bout That MariTide Update?,” Piper Sandler analyst Christopher Raymond wrote in a analysis notice, calling the quarter “sort of ho hum.”
Raymond stated the corporate’s feedback about investing in manufacturing capability for scientific and industrial provide have been encouraging, however added “frustratingly, management provided little color as to exactly HOW this agent appears differentiated from currently approved GLP-1s.”
Brokerage RBC minimize 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 unique intestine hormone, GIP, which has been linked to metabolic regulation.
Amgen’s inventory, a part of the bluechip , has risen 21% previously 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 instances 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.