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UPDATE: Collins Stewart Reiterates Sell, $12 PT on Amylin Pharmaceuticals


Collins Stewart reiterates its Sell rating and $12 target price on Amylin Pharmaceuticals (NASDAQ: AMLN) as Bydureon enters the market.

Collins Stewart notes, "This morning, IMS released GLP-1 weekly prescription numbers for the week ending Feb 17th. Bydureon TRx for the week ending Feb 17 were 343 (NRx were also 343). According to AMLN, Bydureon became available on Monday, Feb 13, although IMS report TRx of 12 for the week ending Feb 10. We note that Victoza became available in pharmacies on Feb 16, 2010 (Tuesday) and had TRx of 411 for the week ending Feb 19, 2010 (and 49 TRx for the week ending Feb 12, 2010), suggesting that Bydureon is tracking below that of Victoza."

AMLN closed at $17.99 a share on Friday.


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