UPDATE: Piper Jaffray Downgrades Amylin Pharmaceuticals to Neutral

Piper Jaffray has published a research report on Amylin Pharmaceuticals AMLN and has downgraded the company from Overweight to Neutral. In the report, Piper Jaffray writes, "We are downgrading AMLN shares to Neutral from Overweight based on valuation. The stock is trading above our $21 price target. Although we have highlighted AMLN as one of our top takeout candidates given the reacquisition of global rights to exenatide, a franchise which could generate peak sales of $1.5bn+, the upside in AMLN shares today in the backdrop of a stock that has significantly outperformed the group makes it prudent for fundamental investors to move to the sidelines. In the event of an acquisition, the stock is worth approximately $28-37 per share." Piper Jaffray maintains its $21 price target on Amylin Pharmaceuticals, which is currently trading up $7.42 from yesterday's $15.39 closing price.