Truist downgraded Amgen to Hold from Buy with a price target of $333, up from $320. The firm believes Amgen continues to execute on its commercial portfolio and expects the Phase 2 obesity readout to show activity consistent with the prior data. However, given this is a Phase 2 asset, current share levels bake in the opportunity, the analyst tells investors in a research note. Truist adds that while rocatinlimab has shown activity in atopic dermatitis with additional readouts over the next 6-12 months, the landscape is “extremely competitive.” It says Amgen’s obesity potential is priced in while its pipeline competition “mutes upside potential.”