Jefferies Has Buy Rating On Amylin Pharmaceuticals

Jefferies & Co. has a Buy rating and a $22 price target on shares of Amylin Pharmaceuticals AMLN after the company disclosed some data on one of its drugs. In a note to clients, Jefferies writes, "We think these data provide additional support for the long-term safety and efficacy profile of metreleptin. Although the application is high risk in nature, we remain optimistic that metreleptin is approvable, given its super-sized safety database combining all of the obesity and lipodystrophy work and the strong effects on lipids and glucose measures, albeit from uncontrolled, non-randomized studies. We believe these data will support robust adoption if approved. The operating margin impact of metreleptin for lipodystrophy is disproportionately large relative to Bydureon, given the endocrinology sales infrastructure already in place for the metreleptin launch." Shares of AMLN lost 27 cents on Friday to close at $13.55, a loss of 1.95%.