Jefferies maintains Amgen at buy

Amgen Inc. was maintained by Jefferies & Co., Inc. analyst Adam A. Walsh at a buy rating with a 12- to 18-month price target of $96, saying that utilization of oncology products should continue despite the recent implementation of average wholesale price reform and the declining physician economics associated with the new average selling price reimbursement program. Jefferies said the impact of average wholesale price reform appears to be negligible. Amgen continues to advance its pipeline and positive results are expected in the phase III U.S. trial of panitumumab for colorectal cancer, Jefferies said. Shares of the Thousand Oaks, Calif.-based biotechnology company were up $0.47, or 0.62%, at $75.87 on volume of 8,317,150 shares versus the three-month running average of 10,038,800 shares.

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