Analysts Downgrade Sanofi Aventis Amid Long-Acting Insulin Concerns; Amylin Benefiting (SNY, AMLN, NVO)
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Several stocks with products related to the treatment of diabetes are seeing unusual investor interest today amid reports out of Europe that an unidentified clinical study showed long-acting insulin users may have increased risks to cancer.
As Sanofi Aventis (NYSE: SNY) and Novo Nordisk (NYSE: NVO) both market such long-act insulin products (Lantus and Levemir, respectively), their stocks are falling on the news today, while shares of Amylin (Nasdaq: AMLN), which offers a non-insulin based diabetes treatment (Byetta), are rising on the news. Sanofi most recently traded at $28.60, down 5.3% from yesterday's close, Novo Nordisk is down 1% and Amylin shares are up 9.5% to $13.79.
Responding to the reports, and certainly adding downside to today's move lower, numerous analysts are out with downgrades of Sanofi Aventis. JPMorgan downgraded the stock from Overweight to Neutral, while a Morgan Stanley analyst moved the firm's investment rating on Sanofi from Overweight to Equal Weight.
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