Amgen "buy"

10.12.07 - Deutsche Bank

NEW YORK, December 10 (newratings.com) - Analysts at Deutsche Bank Securities maintain their "buy" rating on Amgen Inc (AMGN). The target price is set to $70.

In a research note published on December 7, the analysts mention that the company has announced that the FDA is likely to make potential changes in the ESA label to reflect new safety data for two off-label, high-Hb target studies, GOG and PREPARE. The label changes are expected to point towards higher disease progression risk and mortality, the analysts say. Deutsche Bank Securities expects an ODAC panel to now authorise an ongoing ESA pharmacovigilance monitoring programme in 1Q08. These developments are likely to lead to volatility in the company?s share price, the analysts add.