Jefferies Raises Price Target on Amylin Pharmaceuticals (AMLN), Bydureon Back on Track
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Price: $30.98 --0%
Rating Summary:
3 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 8 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Jefferies is reiterating its Buy rating on shares of Amylin Pharmaceuticals (NASDAQ: AMLN) and is raising its price target by $2 to $24 following its Q2 earnings conference.
During the conference management stated it will refile for FDA approval of Bydureon next week with the recent completion of the tQT study. The firm notes that Bydureon is on track for regulatory approval in February 2012 after a sixmonth
review.
The company also highlighted that the development of the pen device remains on track with launch expected by the end of 2012 or early 2013.
The firm is raising its 2011 EPS estimate from ($0.57) to ($0.51) and its 2013 estimate from ($0.03) to ($0.01), but is maintaining its 2012 estimate of ($0.71).
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 $12.33 yesterday.
During the conference management stated it will refile for FDA approval of Bydureon next week with the recent completion of the tQT study. The firm notes that Bydureon is on track for regulatory approval in February 2012 after a sixmonth
review.
The company also highlighted that the development of the pen device remains on track with launch expected by the end of 2012 or early 2013.
The firm is raising its 2011 EPS estimate from ($0.57) to ($0.51) and its 2013 estimate from ($0.03) to ($0.01), but is maintaining its 2012 estimate of ($0.71).
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 $12.33 yesterday.
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