Canaccord Adams Reiterates Sell on Amylin (AMLN)

September 2, 2008 11:40 AM EDT

Canaccord Adams reiterates its Sell rating and $20 price target on Amylin Pharmaceuticals (Nasdaq: AMLN).

The firm cites recent Byetta prescription numbers that are tracking down from the first week after the initial pancreatitis reports. Canaccord believes this could be a signal that spooked doctors and patients are prescribing the drug less and filling/refilling Byetta prescriptions.

Given that the Byetta pancreatitis is not well understood, hard to monitor, and has symptoms that appear similar to the drug's side effects, Canaccord feels Amylin may need to place a black box pancreatitis warning on Byetta. With more FDA reviews likely ahead, the firm believes there will be delays to Amylin's long-acting release Byetta. Canaccord said it does not "think Amylin may not be able to file LAR’s NDA by the end of H1/2009."

Amylin Pharmaceuticals, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of medicines for diabetes, obesity, and other diseases in the United States.

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