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Amylin (AMLN) Gets A Friend After Yesterday's 25% Sell-Off
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Shares of Amylin Pharmaceuticals (Nasdaq: AMLN) are up 6% today following yesterday's major 25% sell-off, which was related to news that four more diabetes patients taking the company's Byetta drug died after being diagnosed with pancreatitis. Today's upside move is being driven by an upgrade of the stock at Merrill Lynch.
This morning, Merrill Lynch upgraded the stock from Neutral to Buy, giving its investors the green light to pick-up share following the scary sell-off. The Merrill Lynch analyst said the stock now looks cheap enough to own. The firm also said Wall Street is pricing in only a 10% chance of success for the long-acting version of the drug, Byetta LAR, while they see a much higher chance of success.
Yesterday's news from Amylin and partner Eli Lilly (NYSE: LLY) of the four Byetta deaths, follows news disclosed a few weeks ago that the FDA issued a warning to the companies linking the diabetes drug to pancreatitis after two deaths were reported.
While a definite relationship between Byetta and pancreatitis has not been proved, investors fear the companies may need to add tougher warnings to the drug's label, which could hurt sales.
Shares of Amylin are currently trading at $21.70 with a 52-week range of $19.92 - $51.10.
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