Goldman Sachs Keeps "Sell" on Amylin (AMLN) Despite FDA Approval

Goldman Sachs reiterated their Sell rating Amylin Pharmaceuticals (NASDAQ: AMLN) despite FDA approval for Bydureon although the price target was raised from $7 to $11.

The firm said while the approval removes the regulatory risk their negative view on the commercial opportunity of the drug remains unchanged.

"We continue to expect Bydureon (dosed once-weekly) to face numerous challenges upon launch including gaining traction with primary care physicians (given lack of commercial support from former partner, LLY), competition from Novo's Victoza (dosed once-daily with a pre-filled syringe pen that is easier to use than Bydureon's, and favorable head-to-head data), and potential competition from other once-weekly GLP-1's in development."

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.

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