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.
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