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6/1 cls

Amylin Pharmaceuticals Inc. (NASDAQ:AMLN)


Thomas Russo


Neutral (from overweight)



Russo downgraded after revisiting the risk/reward of a potential takeout of Amylin. He believes that while it's still more likely that the diabetes company will be acquired for $30 or more per share, the potential downside for investors without an acquisition is that Amylin's share price drops into the mid-teens. Russo recommended "locking in gains" given the "magnitude" of the downside.

Dyax Corp. (NASDAQ:DYAX)


Joseph Schwartz


Outperform (from market perform)



Schwartz also raised his target to $4 from $1.65 on "achievable" sales estimates for hereditary angioedema (HAE) drug Kalbitor ecallantide, as well as upcoming catalysts and "significant upside" for cancer candidates ramucirumab and necitumumab. Data from several Phase III trials of ramucirumab are expected in 1H13, while necitumumab is slated to complete two Phase II trials to treat non-small cell lung cancer (NSCLC) by year end and mid-2013. Ramucirumab, a human mAb VEGFR-2 antagonist, and necitumumab, a human IgG1 mAb against EGFR, were developed using Dyax's phage display libraries. Ramucirumab is being developed by Eli Lilly and Co. (NYSE:LLY), while necitumumab is being developed by Lilly and partner Bristol-Myers Squibb Co. (NYSE:BMY). Kalbitor is a subcutaneously delivered yeast-derived recombinant plasma kallikrein inhibitor.