Merrill Lynch maintains Flamel's sell rating

Flamel Technologies was maintained by Merrill Lynch analyst Hari Sambasivam at a sell rating, but third- and fourth-quarter estimates were reduced to reflect timing on milestone payments. Merrill Lynch said it will revisit the sell rating pending the company's revamping of business strategy to enter higher quality partnerships and further progress in clinical development and partnering for pipeline products. Shares of the Venissieux, France-based biopharmaceutical company were down $0.12, or 0.61%, at $19.52 on volume of 375,664 shares versus the three-month running average of 210,771 shares.

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