July 24, 2007

Biotech gets a boost from earnings, upgrades

The Dow Jones US Biotechnology Index was up more than 1% during trading today after some positive outlooks from Amylin (AMLN) and Biogen (BIIB) and a couple of analyst upgrades. Amylin, the diabetes drug maker, met earnings expectations after the close yesterday and shares were sent higher today as analysts expect a Phase III diabetes drug and a Phase II obesity drug to fuel future growth. Analysts are expecting positive results from clinical trials to be announced later this year. Amylin also received an upgrade to Buy from Hold over at Stanford Research.

Biogen, meanwhile, posted much better-than-expected earnings results today, which had the stock trading nearly 4% higher. The company also raised its full-year guidance as it is now expecting 16-18% growth in sales and 16-20% growth in EPS on strong sales of its multiple sclerosis drugs.

Additionally, Amgen (AMGN) received an upgrade yesterday to Hold from Sell by Citigroup. Amgen reports earnings Thursday.

3 comments:

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