Amgen "buy"

03/20/06 - Banc of America

NEW YORK, March 20 (newratings.com) - Analyst David Witzke of Banc of America Securities maintains his "buy" rating on Amgen Inc (AMGN). The target price is set to $87.

In a research note published this morning, the analyst mentions that the company is scheduled to announce the pivotal Phase III study results of panitumumab as monotherapy in colorectal cancer at the upcoming AACR meeting. The expected label expansion for Aranesp is unlikely to be a significant positive for Amgen, the analyst says. Banc of America Securities expects the FDA to give a restricted approval for Tysabri on or before the PDUFA date.