- Baird is out with an interesting call on Genzyme (NASDAQ:GENZ) saying they recently learned that AMGN plans to conduct an additional Phase II study on its polymer-based phosphate binder AMG 223 (f/k/a ILY-101). Firm recalls AMGN acquired AMG 223 through its June acquisition of Ilypsa; they think this agent is widely viewed as Renagel's chief threat.
Firm thinks this could be a significant development for two reasons:
* First, they (and they believe most observers) had anticipated this agent would enter Phase III straight away, based on Ilypsa's Phase II dose-ranging study.
* Second, while they do not know whether this drug's original dose-escalation Phase II study will be at ASN (Oct 31-Nov 5), they speculate that if it is detailed, it may not be as impressive as some had feared, given that AMGN has embarked on this additional Phase II study.
Maintains Outperform and $75 tgt on GENZ. Notes they are incremental buyers on this news.
Notablecalls: Expect to see some buy intrest in GENZ following these comments.
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