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Merrill reiterates Cubist at buy
Cubist Pharmaceuticals Inc: was reiterated at a buy by Merrill Lynch analyst David Munno on expectations that the Food and Drug Administration will approve a label expansion for Cubicin by the March 24 PDUFA date. The analyst modeled theoretical values for Cubist based on three different labeling scenarios: Broad label, estimate a fair value of $44; Cubicin for bacteremia in endocarditis, suggest a fair value of about $33; and a restrictive label limiting Cubicin use, possible fair value of $17 to $22. Shares of the Lexington, Mass., pharmaceutical company were up 29 cents, or 1.17%, at $25.00 on volume of 640,916 shares versus the three-month running average of 745,148 shares. (Nasdaq: CBST)
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