Baird maintains an 'Outperform' on Amgen (AMGN); In Front of Earnings, Micromet (MITI) Deal a Nice Tuck-In

Baird maintains an 'Outperform' on Amgen (NASDAQ: AMGN) price target of $75.00.

Baird analyst said, "Buyers on today’s weakness, coincident with the announced $1.16B Micromet (Nasdaq: MITI) acquisition. Understanding initial reactions may center on the price for a Phase II compound, we think the longer-term value of this deal may stem from MITI’s BiTE antibody development platform. While an imperfect analogy, the 2005 Abgenix deal comes to mind, which brought not only Vectibix, but Prolia and XGEVA completely in-house, along with a world-class antibody development platform that remains a key AMGN R&D capability."

For an analyst ratings summary and ratings history on Amgen click here. For more ratings news on Amgen click here.

Shares of Amgen closed at $69.21 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• LeonaBio (LONA) Price Target Cut to $17 by Citizens Amid Pipeline Development
• Deutsche Bank Upgrades PennyMac Mortgage Investment Trust (PMT) to Buy
• Keefe, Bruyette & Woods Starts Columbia Financial Inc (CLBK) at Outperform