Company

Bank

Analyst

Coverage

Opinion

Wk chg

8/30 cls

Amgen Inc. (NASDAQ:AMGN)

Piper Jaffray

Ian Somaiya

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Overweight (from neutral)

3%

$108.94

Somaiya also raised his target to $140 from $120 after Amgen said it will acquire Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) for $125 per share in cash, or about $10.4B including Onyx's cash (see Amgen's Premptive Strike," A20). He believes the "strategically sound" deal will provide Amgen with needed revenue and earnings growth and expects the acquisition to be accretive starting in 2015. Somaiya raised his 2015 non-GAAP EPS estimate to $9.30 from $8.88. He said Onyx's multiple myeloma drug Kyprolis carfilzomib has the potential to generate $3B in sales by 2025. Kyprolis, which was launched in July 2012, had 1H13 net revenues of sales of $125M.

Dendreon Corp. (NASDAQ:DNDN)

Deutsche Bank

Robyn Karnauskas

Downgrade

Sell (from hold)

-2%

$2.84