Amgen "sell"

10.12.07 - Lazard Capital Markets

NEW YORK, December 10 (newratings.com) - Analysts at Lazard Capital reiterate their "sell" rating on Amgen Inc (AMGN). The 12-month target price is set to $46.

In a research note published on December 7, the analysts mention that the company scheduled to discuss the alternatives for Aranesp, following the negative interim results for the PREPARE trial in neoadjuvant breast cancer. The analysts expect Amgen to continue to post negative results through 2010 for the 13 ongoing and planned Aranesp studies, leading to a decline in revenues and an increase in R&D expenses for the company.