Amylin Rises on Byetta Sales Data

Amylin Pharmaceuticals' (AMLN Quote) shares rose Monday as investors reacted favorably to an uptick in prescription numbers for diabetes drug Byetta.

Overall prescriptions of Byetta increased 3.9% during the first week of November, according to new IMS data. The news sent Amylin's shares up 70 cents, or 11%, to $7.11 in recent trading.

Piper Jaffray analyst Thomas Wei notes that Byetta's week-over-week increases were not as large as other name-brand diabetes drugs like Avandia (up 6.6%), Actos (up 7.8%), Januvia/Janumet (up 5.9%) and Lantus up 6.2%). "However, given two weeks of Byetta prescription growth exceeding 3%," wrote Wei, "we believe it remains unclear if media dissemination of what we regard as misleading headlines on pancreatitis risk will have a long-term negative impact on the company's new sales effort to expand Byetta prescriptions." Wei has a buy rating on Amylin stock. ...