Amylin Pharmaceuticals (NASDAQ:AMLN) Getting Rough Treatment from Regulatory Delays

Jefferies (NYSE:JEF) says they believe Amylin Pharmaceuticals (NASDAQ:AMLN) is being overly punished by the Street, based on prior regulatory delays.

Amylin did recently announce they were cleared to go forward with their Bydureon QT study, which will launch in February, and will be refiled some time in the second half of 2011.

Jefferies says the are positive on Amylin in the long term, and increased their full year 2011 and full year 2012 estimates on them from $0.73 and $1.04 to $0.66 and $0.59.

They reiterate their "Buy" rating on Amylin Pharmaceuticals (AMLN), which was trading at $16.24, gaining $0.97, or 6.35 percent, as of 2:15 PM EST. Jefferies boosted their price target on Amylin from $26 to $29.