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Street View: Concerns over Amgen's weight-loss drug are overblown



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** Amgen AMGN.O said on Wednesday there was no link between its experimental weight-loss drug and changes in bone density, a day after concerns highlighted in a brokerage reportwiped more than $12 billion off the company's market value

** Analysts at Cantor Fitzgerald said on Tuesday their review of early-stage data on Amgen's MariTide showed the drug had led to a drop in bone mineral density

STOCK MOVE ROOTED IN FEAR

** William Blair ("outperform") says the renewed fears are overdone considering the general expectations for lowered bone mineral density following any significant weight loss

** BMO ("outperform", PT: $362) says Tuesday's stock move is "likely rooted in fear and exuberance rather than fundamentals"

** Brokerage believes the concerns are overblown as the data was from three patients

** Truist Securities ("hold", PT: $333) says it is difficult to make definitive statements about the bone density effect given the low number of patients

** Piper Sandler ("overweight", PT: $344) says Amgen has more experience with this drug, and believes that the bone density issues were taken into consideration when deciding dose levels for a mid-stage study



Reporting by Kamal Choudhury in Bengaluru

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