Amylin Pharmaceuticals (Nasdaq: AMLN) has investors all fired-up and not in a good way. Just a few days after 8.3% shareholder Carl Icahn announced that he is nominating a slate of 5 Directors, 12.5% holder Eastbourne Capital is introducing their own, separate slate of 5 Directors.
To make matters worse for Amylin management, Eastbourne acknowledged Icahn's slate, but said it does not believe that these separate efforts to bring change to Amylin are in competition with each other. In other words, vote for ours or vote for theirs, either way we want change - NOW!
Our own Lon Juricic commented on the Icahn news for Barrons.com tonight. Lon said that Ichan's involvement with Amylin looks poised to be a repeat of his success at ImClone, which was sold to Eli Lilly (NYSE: LLY) for $70 per share, after a bidding war with Bristol-Myers Squibb (NYSE: BMY). Lon told Barron's, "Icahn kept building his position and eventually became chairman of the board, where he could push his agenda and positioned ImClone for a graceful sale... I could see this as the same situation playing out"
Ultimately, the shareholder activism at Amylin should be good news for investors.
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We maintain our Neutral rating on Alkermes, Inc. (ALKS) with a price target of $11.50.
Alkermes is a drug delivery biotech company which uses its proprietary specialized drug delivery technologies to develop drugs for the treatment of central nervous system (CNS) disorders, alcoholism and diabetes.
Alkermes has two approved products on the market. Its lead product, Risperdal [...]
New York, Feb 8th (TradersHuddle.com) - Shares of Eli Lilly & Co. (NYSE:LLY) are trading
very close to calculated support at $33.91 with current price action closing at just $34.78 places
the stock price near levels where traders will start paying attention.
Eli Lilly (NYSE:LLY) principal activities are to develop, manufacture and market. Read More --
We maintain our Neutral rating on Alkermes, Inc. (ALKS) with a price target of $11.50.
Alkermes is a drug delivery biotech company which uses its proprietary specialized drug delivery technologies to develop drugs for the treatment of central nervous system (CNS) disorders, alcoholism and diabetes.
Alkermes has two approved products on the market. Its lead product, Risperdal ...