Amgen downgraded to "hold"

01.10.07 - Stifel Nicolaus

NEW YORK, October 1 (newratings.com) - Analysts at Stifel Nicolaus & Company downgrade Amgen Inc (AMGN) from "buy" to "hold."

In a research note published this morning, the analysts mention that the CMS? decision against revising the NCD for ESA use in oncology until new evidence is received over the next 30 days reflects the agency?s stance to resist proposed amendments to the ESA guidelines. The analysts expect a global reduction in ESA use and the sales of Amgen?s Aranesp and Epogen drugs to decline going forward. The downgrade in rating is based on valuation, Stifel Nicolaus & Company adds.