Amylin Slides As Citigroup Analyst Sees More Competition for Byetta
NEW YORK (AP) -- Shares of biopharmaceutical company Amylin Pharmaceuticals Inc. fell Wednesday after a Citigroup analyst said physicians prefer other diabetes drugs to Amylin's Byetta.
Analyst Yaron Werber said a survey shows physicians use Merck's Januvia before Byetta, and could switch to a once-a-day liraglutide drug from Novo Nordisk AS if studies show the drug is safe and effective. He lowered his estimates for Byetta sales and cut his price target for Amylin stock to $33 from $37.
"The data suggests that Byetta is mostly being used in second-and third-lines of therapy," he said. "That Byetta requires two injections a day further limits the drug's appeal early in the treatment cycle where oral drugs are preferable."
San Diego-based Amylin shares dropped $1.01, or 2.6 percent, to $38.23 in afternoon trading on the Nasdaq Stock Market, recovering slightly after trading down as much as 4.3 percent earlier in the session.
American shares of Novo Nordisk, a Danish health care company, gained 33 cents to $94.88 on the New York Stock Exchange. The stock hit an all-time high of $95.27 earlier in the session. <<
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