Baird Downgrades Amylin Pharmaceuticals (AMLN) to Neutral
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Robert W. Baird downgrades Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN) from Buy to Neutral, saying the latest Byetta update reduces their conviction. The firm cut its price target from $37 to $27.
Analyst Thomas J. Russo said, "We are reducing our rating to Neutral, as we are incrementally more cautious on the commercial performance of Byetta following the latest update. We cannot conclude whether pancreatitis is any more an issue with Byetta than other diabetes drugs. However, we think meaningful gains in the stock will require proof AMLN/LLY can jump start its growth H2-08 against these latest headwinds and no negative new news from the ongoing healthcare database analysis."
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