Amylin (AMLN) Tumbles as Competitor to Byetta, Novo Nordisk's liraglutide, Does Not Receive FDA Recommendation
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Shares of biopharma company, Amylin (Nasdaq: AMLN) are getting crushed for the second day in a row today. The stock most recently traded at $9.22, down 10.6% from yesterday's closing price.
The stock tumbled more than 14% yesterday on news that an FDA panel has recommended approval of Onglyza, Bristol-Myers Squibb's (NYSE: BMY) and AstraZeneca's (NYSE: AZN) oral diabetes drug, which is expected to be a competitor to Amylin's Byetta injection.
Today, however, the story is somewhat different. Novo Nordisk (NYSE: NVO), one of the largest biotech companies in the world, announced earlier that their once-daily injectable drug, liraglutide, did not receive a favorable vote at an FDA panel meeting yesterday. The decision was somewhat of a surprise as FDA approval of liraglutide was widely expected in Q2, but concerns related to thyroid cancer have now brought questions. The 6-6 panel vote will likely result in a one-year approval delay, according to an analyst at Piper Jaffray. Shares of Novo Nordisk are down nearly 9% today.
The news is disappointing for Amylin as its twice-daily Byetta is expected to compete even more directly with liraglutide than BMY/AZN's Onglyza.
Notably, shares of Amylin have fallen more than 23% over the last two trading sessions.
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