Jefferies Comments on Amylin (AMLN) Following tQT Results; Sees Approval in Q112

Jefferies issued comments on Amylin Pharmceuticals (Nasdaq: AMLN) following tQT study data. Jefferies maintained its Buy rating and $22 price target.

Amylin reported that the Bydureon thorough QT (tQT) study did not show prolongation of the QT interval. On the data, Jefferies said "this positive outcome, which is in line with our expectations, will likely result in regulatory approval of Bydureon in Q112."

Further, "the tQT concern as the last outstanding issue preventing regulatory approval. Today, the company confirmed our expectations of a resubmission to the FDA in Q311, which would put Bydureon on track for regulatory approval in Q112 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 analyst color on Amylin, click here. For a ratings history on AMLN, click here.

Amylin is trading 6.5 percent stronger following yesterday's announcement.

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