Amgen "outperform," estimates reduced

23.03.07 - Robert W. Baird

NEW YORK, March 23 (newratings.com) - Analysts at Robert W Baird reiterate their "outperform" rating on Amgen Inc (AMGN), while reducing their estimates for the company. The target price is set to $80.

In a research note published this morning, the analysts mention that the company has put an end to the PACCE trial, following the failure of Vectibix to show better efficacy in controlling front-line metastatic colorectal cancer. The analysts add, however, that Vectibix has potential for robust uptake in the third-and second-line settings. The EPS estimates for 2008, 2009 and 2010 have been reduced from $4.69 to $4.67, from $5.39 to $5.37 and from $6.13 to $6.10, respectively.