Transformers

November 20, 2007   Pam Abramowitz

Here are the top U.S. analysts who have adapted their research coverage to help hedge funds generate alpha.

ON MAY 10, 2007, the U.S. Food and Drug Administration held a nine-hour meeting over potential labeling changes for Aranesp, Amgen's best-selling drug, used to treat chemotherapy-induced anemia. Restrictions could annihilate sales at the Thousand Oaks, California­based biotechnology giant. Early the next morning hedge fund managers were scrambling to determine the impact the meeting would have on the company's shares, and sell-side analysts were frantically penning notes to their clients. But 300 hedge fund managers and other investors were already deep in discussion of the matter with Bear, Stearns & Co. biotech analyst Mark Schoenebaum, who pointed out that the tighter

restrictions endorsed by the FDA would have reduced U.S. sales of Aranesp by at least $700 million in 2006. Yet he stood behind the outperform rating he had on the stock, which was up 1.4 percent by the end of October. Over the past 18 months, Schoenebaum has thrown together roughly...

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