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12:00 AM
 | 
May 14, 2012
 |  BioCentury  |  Analyst Picks & Changes

Analyst picks & changes

Analyst picks & changes

Company Bank Analyst Coverage Opinion Wk chg 5/11 cls
AMAG Pharmaceuticals Inc. (NASDAQ:AMAG) Baird Christopher Raymond Downgrade Neutral (from outperform) -16% $13.25
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)
Wei also raised his target to $9 from $1 after FDA's Endocrinologic and Metabolic Drugs Advisory...

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