Baird Reiterates an 'Outperform' on AMAG Pharmaceuticals (AMAG); Incrementally Positive on CMS News

November 5, 2009 11:11 AM EST

Baird reiterates an Outperform rating on AMAG Pharmaceuticals, Inc. (Nasdaq: AMAG) $60 price target.

Baird analyst says, "We are incrementally positive on AMAG shares on the news that CMS has assigned Feraheme with two temporary Q-codes effective 2010, removing meaningful reimbursement lead-time and administrative costs for physicians and providers. In that we had assumed Feraheme would still be reimbursed under miscellaneous codes for 2010, this constitutes upside, giving us increasing confidence in our 2010 Feraheme revenue estimate of $107M.

"No change to estimates. We continue to model 2010 Feraheme revenue of $107M, inferring a fairly steep Q-Q trajectory going forward. This news gives us increasing confidence in this number, now that a key objection has been taken off the table. We remain aggressive buyers."

To see more analyst ratings on AMAG Click Here.

AMAG Pharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of therapeutic iron compounds to treat anemia in the United States, Europe, and Japan.

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• Robert W Baird

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