Jefferies maintains Amgen at buy

Amgen was maintained by Jefferies & Co. Inc. analyst Adam Walsh at a buy rating with a $96 price target. Jefferies said it views denosumab for osteoporosis as a key pipeline product for the company with a large market opportunity in the multi-billion range. The product appears to be a major advance, Jefferies said. Phase 2 data in rheumatoid arthritis patients is expected in the fourth quarter of this year, a New Drug Application is expected in 2008 and product launch in 2009. Shares of the Thousand Oaks, Calif.-based biotechnology company were up 55 cents, or 0.68%, at $81.65 on volume of 6,195,539 shares versus the three-month running average of 8, 322,770 shares.

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