Analysts Downgrade Sanofi Aventis Amid Long-Acting Insulin Concerns; Amylin Benefiting (SNY, AMLN, NVO)
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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