Color on Needham & Co. Initiation of Coverage on AMAG Pharmaceuticals (AMAG)
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Needham & Co. initiates coverage on AMAG Pharmaceuticals (Nasdaq: AMAG) with a Buy. Price target $80.
Needham analyst says, "We are initiating coverage with a BUY rating based on our expected outcome for the FDA review (October PDUFA date) for ferumoxytol in anemia associated with chronic kidney disease (CKD). We feel that the value proposition of the drug as a more convenient IV iron as well as efficacy over oral iron can lead to significant market adoption in the current US $500 MM IV iron market in dialysis CKD patients and create a new market opportunity of a switch from IV to PO for non-dialysis CKD patients. For other indications, market adoption is less clear, but represents potential upside to our valuation. We believe the Company is adeptly developing ferumoxytol as a “pipeline within a drug.” We feel that AMAG will need a partner for European/ex-US commercialization, another upside to our valuation as our current estimates for ex-US sales are conservative."
AMAG Pharmaceuticals, Inc., formerly Advanced Magnetics, Inc., is a biopharmaceutical company that utilizes its nanoparticle technology for the development and commercialization of therapeutic iron compounds to treat anemia, as well as imaging agents to aid in the diagnosis of cancer and cardiovascular disease.
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