AMAG Pharmaceuticals’ key drug Feraheme tops Wall Street’s sales forecasts, shares jump

AMAG’s Feraheme tops Wall Street forecasts

CAMBRIDGE, Mass. — Biotechnology company AMAG Pharmaceuticals Inc. said Monday it expects to report up to $13 million in fourth-quarter sales of its drug Feraheme, topping Wall Street expectations.

AMAG shares rose $6.45, or 16 percent, to $46.89 in afternoon trading. The stock has traded between $22.50 and $58.23 over the last 52 weeks.

Feraheme, launched in July, is the company’s key product.

It is intended to treat anemia in patients with chronic kidney disease.

The company expects revenue for it between $12 million and $13 million in the fourth quarter, while analysts polled by Thomson Reuters expect $9.3 million in revenue.