Amgen (AMGN): Little Impact Expected From Parsabiv Rejection - Baird

August 25, 2016 7:09 AM EDT
Get Alerts AMGN Hot Sheet
Price: $143.45 +2.03%

Rating Summary:
    17 Buy, 14 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Amgen (NASDAQ: AMGN) after the Parsabiv FDA rejection. Amgen's Parsabiv, a calcimimetic under review by the FDA for secondary hyperthyroidism, received a complete response letter. Amgen has spoken positively about the program in light of Phase 3 results. Despite the surprising decision, the analyst is not currently modeling sales for Parsabiv separate from Sensipar, and expects minimal impact to the stock.

No change to the price target of $157.

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $170.84 yesterday.

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