A Deutsche Bank analyst says Amylin’s diabetes drug Bydureon, which recently received regulatory approval, “could be worth up to $1.5 billion in peak annual sales,” according to a Bloomberg report, and says AMLN shares could be worth up to $31. The proposed deal from Bristol-Myers was thought to be $22 per share; AMLN finished Wednesday’s trading at $23.81.
Homebuilder KB Home (NYSE:KBH) continued a weeks-long freefall in which it has seen shares lose almost 30% of their value. KBH dropped about 3% to $9.29 on Wednesday, possibly brought on by continued worry about KB Home’s first-quarter earnings report, in which the company recorded an almost $46 million (59 cents per share) loss, far worse than expectations for a 34-cent loss. KBH also saw an 8% drop in orders for the period.
And although the big headline of the day was the national price for gas heading up to $3.90 per gallon, several energy stocks weren’t up for the climb. Chesapeake Energy (NYSE:CHK) was down 4.1%, Occidental Petroleum (NYSE:OXY) shed 3.6% and HollyFrontier (NYSE:HFC) lost about 3.5%, among others.
- Caesars Entertainment (NASDAQ:CZR): Up 7.5% (97 cents) to $13.94.
- PulteGroup (NYSE:PHM): Up 4.6% (42 cents) to $9.48.
- United Continental (NYSE:UAL): Up 4.6% (96 cents) to $21.89.
- Affymax (NASDAQ:AFFY): Down 8.1% ($1.16) to $13.15.
- Sears Holdings (NASDAQ:SHLD): Down 6.1% ($4.51) to $68.99. (Read more about Sears here)
- Zynga (NASDAQ:ZNGA): Down 6% (78 cents) to $12.24.