Bernstein cuts PT on Amgen citing MariTide risk

Brokerage Bernstein cuts PT on drugmaker Amgen AMGN.O to $335 from $350, maintains "outperform" rating

Bernstein analysts say Amgen is "not doing enough explaining for some investors to believe in the target product profile & phase 3 paradigm" for experimental weight-loss drug MariTide

Amgen said in June it has launched a 72-week late-stage trial, testing three different doses of MariTide in overweight adults, with each group starting at a low dose that will be increased over an eight-week period

Brokerage says there is additional risk associated with new target doses and dose adjustment going into late-stage study

Says PT cut reflects "lower confidence in the probability of MariTide in hitting an optimal target product profile" - brokerage

The new price target represents a 17.6% upside to the stock's last close

Including marginal session gains, stock up ~10% YTD