BioCentury on BioBusiness,
Analyst Picks & Changes
Analyst picks & changes
Published on
Monday, May 14, 2012
|
Company
|
Bank
|
Analyst
|
Coverage
|
Opinion
|
Wk
chg
|
5/11
cls
|
|
AMAG
Pharmaceuticals Inc. (NASDAQ:AMAG)
|
Baird
|
Christopher
Raymond
|
Downgrade
|
Neutral
(from outperform)
|
-16%
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$13.25
|
|
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Ladenburg
Thalmann
|
Juan
Sanchez
|
Downgrade
|
Neutral
(from buy)
|
|
|
|
Raymond
also lowered his target to $17 from $21 after AMAG named William Heiden as
the permanent CEO and announced a shift in focus from selling the company to
looking to buy assets to complement anemia drug Feraheme ferumoxytol (see
B8). While Raymond is "intrigued" by the new direction, he says
the shift introduces new elements of risks and uncertainty. He said he
lacks conviction that AMAG's management can "flawlessly execute."
In November, the company said it would restructure and evaluate strategic
options, including a sale, merger, acquisition or licensing deal (see
BioCentury, Nov. 21, 2011).
|
|
Sanchez
also removed his target on AMAG's announcement, saying his previous rating
was partially justified by expectations of a potential acquisition.
|
|
Arena
Pharmaceuticals Inc. (NASDAQ:ARNA)
|
Jefferies
|
Thomas
Wei
|
Upgrade
|
Buy
(from underperform)
|
146%
|
$6.36
|
|
|
Leerink
|
Steve
Yoo
|
Upgrade
|
Outperform
(from market perform)
|
|
|
|
|
Piper
Jaffray
|
Edward
Tenthoff
|
Upgrade
|
Overweight
(from neutral)
|
|
|
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Wei
also raised his target to $9 from $1 after FDA's Endocrinologic and Metabolic
Drugs Advisory Committee voted 18-4, with one abstention, that the
benefit-risk profile for Arena's lorcaserin from supports approval to treat
obesity (see Cover Story). He increased the probability of
regulatory success to 95% from 33% for the serotonin (5-HT2C) receptor
agonist, which is partnered with Eisai Co. Ltd. (Tokyo:4523;
Osaka:4523). The PDUFA date is June 27.
|
|
Yoo
also raised his target to $9-$11 from $2-$2.50 on the FDA panel news.
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260
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