Amgen rating lowered to neutral by Merrill

Amgen Inc. was downgraded to a neutral from a buy rating by Merrill Lynch analyst Eric Ende. While Merrill said it believes the patent case with Roche regarding CERA will be resolved in Amgen's favor, there is little room for earnings-per-share upside. Product revenue growth is not expected to exceed guidance of 12%. Shares of the Thousand Oaks, Calif., biotechnology company were down $3.57, or 4.73%, at $71.90 on volume of 34,320,156 shares versus the three-month running average of 7,171,040 shares. (Nasdaq: AMGN)

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