Amgen (AMGN): Little Impact Expected From Parsabiv Rejection - Baird
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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.
Shares of Amgen closed at $170.84 yesterday.
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