Amgen HQ in Thousand Oaks, CA JHVEPhoto Earlier this month, Wells Fargo cut its rating on Amgen (NASDAQ:AMGN), stating that success of its GLP-1 candidate MariTide was already priced into the shares. However, trading at 16.6x next year's earnings, the stock seems fairly valued despite 27% price appreciation over the past year. Existing product lines provide a strong foundation for the Amgen's valuation, while a successful conclusion to MariTide's crucial phase II study may provide a bullish catalyst later t ...