Death row over Byetta effcets Amylin shares
It seems that the Amylin Pharmaceuticals Inc.is paying the hard times. After the news of death over the diabetes drug Byetta spreads, the shares of the company, fell.
The shares of the company fell Thursday, as investors remained concerned about the company’s third-quarter sales for the diabetes treatment Byetta and regulatory timeline for an extended-release version of the drug.Concerns over Byetta were raised in August, following reports of Byetta patients dying of acute pancreatitis.
Though the researchers said that the two are not directly connected.In all, the company and Food and Drug Administration have reported six deaths in patients who had taken the diabetes treatment. The reports sparked a stock sell-off.
Shares fell 77 cents, or 5 percent, to $14.52 in afternoon trading. They are down about 58 percent since the first reports of pancreatitis were announced Aug. 18.
Thomas Weisel Partners analyst M. Ian Somaiya said,
“We suggest that investors remain neutral on shares until management provides greater clarity on exenatide LAR’s regulatory timelines.”
Also, he said, Byetta could face another weak quarter for sales, based on prescription information from pharmaceutical data provider IMS Health. Somaiya expects Byetta sales between $174.4 million and $175.8 million, below Wall Street forecasts for $182 million.
Source: Forbes.com
Filed under Diabetes, Diabetes Drug
