Amylin Shooting Higher
Symbols: AMLN
Amylin Pharmaceuticals (NASDAQ: AMLN) is shooting higher today, currently up 8.84% to $22.05, after the FDA ruled on their long-acting diabetes drug, Byetta. The FDA did deny Amylin’s application for the drug, but it was not due to quality control or clinical trials; they rejected the drug because of packaging problems and risk-management issues.
This suggests that Amylin Pharmaceuticals will only have to spend a small sum of money to get the issues taken care of and that the FDA will be receptive to accept the long-acting Byetta in the near future.
Options action in the name is quite bullish the $22.50 and $25.00 strikes in March, April, and July are all finding bids.
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