Amgen (NASDAQ:AMGN) shares fell in the evening hours on Tuesday after Cantor Fitzgerald argued that a potential loss of bone mineral density could be a safety risk linked to its obesity candidate MariTide (AMG-133).
The experimental therapy targeting both GIP and GLP-1 receptors is among the frontrunners to challenge Novo Nordisk's (NVO) and Eli Lilly's (LLY) dominance in the weight loss drug market.
Citing data from a Phase 1 trial for MariTide, Cantor analyst Olivia Brayer pointed out that the injectable at 420 mg dose was linked to ~4% loss of bone mineral density (BMD) over 12 weeks.
"On one hand, patients could naturally lose bone mineral density during weight loss treatment," Brayer wrote with an overweight recommendation and a $405 per share target on the stock.
"On the other hand, this could be a non-starter because there seems to be a dose-dependent increase in BMD loss," she added.
Cantor's comments come as the company prepares to release Phase 2 data for MariTide later this year. With its Q2 results in August, Amgen (NASDAQ:AMGN) announced a broad Phase 3 program for the candidate against obesity, obesity-related conditions, and type 2 diabetes.
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