Amgen "buy," estimates reduced

23.03.07 - Lazard Capital Markets

NEW YORK, March 23 (newratings.com) - Analysts at Lazard Capital maintain their "buy" rating on Amgen Inc (AMGN), while reducing their estimates for the company. The target price is set to $70.

In a research note published this morning, the analysts mention that the company has announced the early end of the PACCE trial on account of safety issues and the lack of efficacy. The analysts believe that Vectibix would continue to be used in the patients, who are not taking Avastin, with second- and third-line metastatic colorectal cancer. The EPS estimates for 2008 and 2010 have been reduced from $4.75 to $4.74 and from $5.80 to $5.79, respectively.