Merrill maintains Celgene at buy

Celgene Corp. was maintained by Merrill Lynch analyst Thomas McGahren at a buy rating after updated data presented at a medical conference showed that the combination of Revlimid and dexamethasone led to statistically significant improvement in overall survival in refractory multiple myeloma. Merrill said it already assumes Revlimid will be approved in mid-2006, but the survival data adds to the robust regulatory package and bolsters its competitive stance. Shares of the Summit, N.J., pharmaceutical company were down 44 cents, or 0.72%, at $60.90 on volume of 1,070,864 shares versus the three-month running average of 2,503,830 shares.

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