Amylin Upgraded at Barclays

Amylin Pharmaceuticals (NASDAQ: AMLN) was upgraded this morning at Barclays, with a massive $22 price target. The stock is currently up over 6% in the early morning trade at 13.23. The stock has been consolidating over the past three months and this morning’s trade has sent AMLN significantly above the 50 day SMA. We will have to see where the stock closes, but this looks bullish.

Amylin needs to get its obesity program online for the stock to return to previous highs, but I would consider buying a LEAP call spread now, just as a flyer. The Apr. 2010 17.50/20 for 0.80 looks good.