Amgen up 6%, leading S&P 500, following bullish call from Morgan Stanley
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Amgen (NASDAQ:AMGN) is up 6% in Tuesday afternoon trading and is the top gainer in the S&P 500 after Morgan Stanley came out with a note extolling the potential of obesity candidate AMG133.
Morgan Stanley has an overweight rating on the biotech and a $279 price target (20% upside based on Monday close).

Analyst Matthew Harrison said that multi-dose phase one data on AMG133 at the American Heart Association Scientific Sessions 2022 next month could provide a path for it to become a multi-billion-dollar drug.
He noted that the candidate could differentiate itself against others in the competitive obesity market through better weight loss, improved dosing frequency, and better tolerability.
In data released earlier this year, AMG133, a GIPR Ab/GLP-1 peptide conjugate, demonstrated a sustained (>10 weeks) 5%-10% weight loss in obese patients.
AMG133 would likely compete against Novo Nordisk's (NVO) Wegovy (semaglutide) and Eli Lilly's (LLY) Mounjaro (tirzepatide), both GLP-1 receptor agonists. Mounjaro is not yet approved for weight loss but Lilly is pursuing an indication for it.
Read why Seeking Alpha contributor Eugenio Catone is hesitant about Amgen's (AMGN) future.