Piper Jaffray Overweight On Amylin Pharmaceuticals

Piper Jaffray has an Overweight rating and a $20 price target on shares of Amylin Pharmaceuticals, Inc. AMLN. In a note to clients, Piper Jaffray writes, "We believe expectations for AMLN remain low and provide an opportunity for investors without taking on regulatory risk. Our webinar with two leading KOLs (see May 25 note) and conversations with QT experts supports our view that presentation of ECG data from the DURATION 1 trial at the ADA (American Diabetes Association meeting from June 24-28) could mitigate concerns related to potential QT prolongation with Bydureon. This combined with data from the thorough QT study of exenatide in August/September could reduce regulatory risk and enable AMLN shares to trade closer to our price target. This trading opportunity would help investors avoid regulatory risk (FDA decision in 2Q12) and commercial implications of DURATION 6 trial, which conversations with KOLs suggest puts Victoza (at a minimum) on equal footing with Bydureon." Shares of AMLN lost 36 cents on Friday to close at $11.65, a loss of 2.96%.