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Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) caught an early morning boost after reporting positive results from its obesity drug trials. A mid-stage study of its pramlintide/metreleptin combination product revealed no significant side effects on a cardiovascular or neuropsychiatric level, and patients treated with the highest dose experienced much greater weight loss than those participants treated with a placebo.
AMLN was up more than 2% at its intraday peak, but the equity has since pulled back near the break-even line. The stock settled Wednesday below its 20-day moving average for the first time in more than a month, and it has been unable today to reclaim a foothold above this trendline. Meanwhile, stubborn resistance from the $14 region looms not far overhead.
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