Amylin Pharmaceuticals downgraded to "market perform"

11/25/03 - Wachovia Securities

NEW YORK, November 25 (New Ratings) — Analysts at Wachovia Securities downgrade Amylin Pharmaceuticals, Inc (AMLN) from “outperform” to “market perform.”

Shares of Amylin Pharmaceuticals, a biopharmaceuticals company engaged primarily in the development of drugs for diabetes and other metabolic diseases, are currently trading at $25.10.

According to Wachovia Securities’ research note published this morning, Amylin Pharmaceuticals' development pipeline comprises an impressive product portfolio. The analysts mention that the company recently announced positive phase III clinical data for its diabetes drug, Exantide. However, Wachovia Securities expects the investors’ attention to shift towards the potential marketing and competitive risks associated with Exantide in the near term.

The analysts do not anticipate any major near-term catalysts for Amylin Pharmaceuticals’ shares, except the potential launch of its diabetes drug, Symlin, in 1H04. Wachovia Securities expects the NDA filing for Exantide by next year, while forecasting the eventual FDA approval by mid 2005. The analysts express their concern regarding the significant competitive risks for Exantide in the near term, including Pfizer’s forthcoming filing for its Exubera product in 1H04.

The EPS estimates for 2003 and 2004 are -$1.53 and -$1.07, respectively.

Wachovia Securities downgrades Amylin Pharmaceuticals, Inc from “outperform” to “market perform.”