Friday, January 21, 2011

Amgen (NASDAQ:AMGN) Targets Remain Intact on ESAs in CKD

After the CMS MEDCAC of ESAs in CKD review, Barclays found the results giving no reason for them to change their current targets on Amgen (NASDAQ:AMGN).

Barclays says, "We are maintaining our rating on AMGN following today's CMS MEDCAC review of ESAs in CKD. While the panel had low conviction regarding adequacy of data to support ESA use in preventing renal transplant rejection, expert commentary clearly established a logic pattern between transfusion avoidance, reduced antibody formation, and improved transplant outcomes. With the panel unable to vote on a lower end Hgb target of 10g/dl and with CMS suggesting sensitivity to panel commentary we see limited impetus to revise Hgb target ranges."

Barclays reiterates an "Overweight" rating on Amgen (AMGN), which closed at $57.31, gaining $0.33, or 0.58 percent. Barclays has a price target on Amgen of $76.

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