Jefferies Maintains a 'Buy' on Amylin Pharmaceuticals (AMLN); FDA Approves Bydureon With Strong Label

Jefferies maintains a 'Buy' on Amylin Pharmaceuticals (NASDAQ: AMLN) price target of $25.00.

Jefferies analyst says, "On Friday, the FDA approved Bydureon for type 2 diabetes. We believe the label is strong, with no unusual or unexpected safety observations or warnings, and the post-marketing commitments and REMS program are in line with expectations. We continue to believe that the Street has underestimated the potential of the Byetta/Bydureon franchise."

"Bydureon will be sold for $323.44 in packs of four single dosing trays--a 20% premium to Byetta, 25% premium to 1.2mg Victoza, and 17% discount to 1.8mg Victoza. Given the highly controversial nature of the product and what we see as very low Street expectations, we believe that any growth in the combined Byetta/Bydureon sales on a year-over-year basis would create upside for shares, and we also see the prospects for a strong ex-US marketing partnership in 1H12 as a second potential positive catalyst."

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

Shares of Amylin Pharmaceuticals closed at $12.14 yesterday.

---

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

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Walmart (WMT) PT Lowered to $125 at JPMorgan, Overweight Rating Maintained as 'Short Case Feels Greedy'
• Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group