Jefferies Sees Amylin's (AMLN) Bydureon Receiving FDA Approval Following Positive QT Study Results

Jefferies is reiterating its Buy rating and $22 price target on shares of Amylin Pharmaceuticals (NASDAQ: AMLN) following the company's announcement that Bydureon did not show prolongation of the QT interval in the QT study.

Currently, the company is deciding whether additional details from the QT study will be released during its second quarter conference call or if they will be held for presentation at a scientific meeting.

The firm reports that the results were in line with their expectations and increased its confidence in the regulatory approval of Bydureon.

An analyst at Jeffereis comments, "We see the tQT concern as the last outstanding issue preventing regulatory approval. Today, the company confirmed our expectations of a resubmission to the FDA in 3Q11, which would put Bydureon on track for regulatory approval in 1Q12 after a six month review. We continue to believe that the current valuation significantly undervalues the long-term potential of Bydureon and the Byetta franchise."

For more ratings news on Amylin Pharmaceuticals click here and for the rating history of Amylin Pharmaceuticals click here.

Shares of Amylin Pharmaceuticals closed at $13.71 yesterday.

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