Amylin Pharmaceuticals (AMLN) reports its third-quarter earnings on Oct 18th and while I am cautious on biotechs, this stock might get a boost from its Byetta sales. Since its launch in June 2005, over 1.3 million prescriptions for Byetta have been written. In fact, the demand for Byetta has been so strong that Amylin and its partner in crime Eli Lily (LLY), asked doctors back in April to limit the number of patients they started on the drug because of shortage. That restriction was lifted in August and I suspect this will bode well for the upcoming earnings. Additionally, Amylin is expecting Byetta to be approved in Europe over the next couple of months. I recommend accumulating this stock ahead of the earnings - I am expecting them to have a good quarter.
-- Faisal Laljee
3 comments:
the stock chart of the past 30 days has about $3-$4 of dip action that might make room for a nice bounce, if warrented.
late november lower 40s a good spot to open longs?
the shares cut through 43,42,41 in front of the holiday. still with an oversold chart, at one of the six low points of the year,
and EU approval on tuesday id like to think a bounce to $50+ is setting up. hinging on Byetta sales and competitive percpetions.
I dip bought a small position around 43.10 monday morning and plan to add once more near 41.00-ish for an average long price of about $42. One thing that bothers me is the market cap is $5+ Billion even thought this is a licensed (diluted ownership) drug with sales below $1 Billion
Boris.
the shares started bouncing a few days ago off the $37 price point, lets hope it keeps going.
they have fallen steady since 10.13.2006, interestingly the same day as one of the nasdaq index's top around 2370s. the drop seems excessive and partially emotional. i wonder what would justify $50 anytime soon? will have to be more then 4th quarter scripts.
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