Amgen "neutral," target price raised - update

12.09.07 - Credit Suisse

NEW YORK, September 12 (newratings.com) - Analysts at Credit Suisse maintain their "neutral" rating on Amgen Inc (AMGN). The target price has been raised from $54 to $55.

In a research note published this morning, the analysts mention that the CRDAC (Cardiovascular and Renal Drugs Advisory Committee) panel voted against the FDA?s proposal of lowering Epogen?s dosing limits in the dialysis and chronic kidney disease market. The analysts believe that there will be limited or no pressure on CMS to alter its reimbursement policy in renal disease. The panel did not give any direct recommendations on the issue of hypo-responders, which suggests that label changes would not have much impact, Credit Suisse adds.