Hapoalim Securities Upgrades Amylin (AMLN) to Hold; Two Important Milestones Achieved

November 2, 2009 10:30 AM EST

Hapoalim Securities upgrades Amylin (Nasdaq: AMLN) from Sell to Hold. Price target increased from $11 to $14.

Hapoalim analyst says, "Amylin Pharmaceuticals announced that the FDA has approved Byetta for use as monotherapy and, while the agency heightened the warning for pancreatitis, the FDA did not give the product a Black Box warning. Additionally, Amylin out-licensed its obesity program to Takeda (TKPHY, Not Covered) for $75 million up-front, which will help Amylin off-load some R&D costs...Our new target price of $14.00 is based on a sum-of-the-parts valuation, using our estimates for products, pipeline value, and shareholders' equity value as of September 30, 2009. We value Amylin at $2.1 billion based on this sum-of-the-parts model, or approximately $14.00 per diluted share."

To see more analyst ratings on AMLN Click Here.

Amylin Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the discovery, development and commercialization of drug candidates for the treatment of diabetes, obesity and other diseases.

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