Piper Jaffray Maintains Overweight on Amgen

Piper Jaffray is out with its report today on Amgen AMGN, maintaining Overweight. In a note to clients, Piper Jaffray writes, "We believe Amgen's legacy products will remain a source of concern until denosumab sales exceed expectations. We look for upside in 2Q11 Xgeva sales and AMG785 data in 2H11 to support our OW rating." Piper Jaffray maintains $72 PT on AMGN. Shares of AMGN closed Friday at $55.05.