Amgen falls as Truist downgrades to 'hold' on competition for experimental skin disease drug

** Shares of drugmaker Amgen AMGN fall 1% to $324.95

** Truist Securities downgrades stock to "hold" from "buy", citing "extremely competitive" landscape for an experimental drug to treat atopic dermatitis or eczema

** Brokerage also raises PT to $333 from $320

** The drug, rocatinlimab, had succeeded in a late-stage study in patients last month, but fell short of already approved drugs like Eli Lilly's LLY Ebglyss and Sanofi SAN-Regeneron's REGN blockbuster drug Dupixent, according to analysts

** ** Rocatinlimab has "high bars to overcome to become successful", Truist analysts said, adding that its safety profile which has seen signs of high body temperature and chills might impact broader opportunity

** Brokerage also expects upcoming mid-stage data for obesity drug MariTide to "show activity consistent with prior data", but says "current levels already reflect significant value to the program"

** Up to last close, stock up ~13% YTD