Merrill rates Flamel at sell

Flamel Technologies was given a sell rating by Merrill Lynch after the company reported revenues $3.5 million below Merrill's estimate of $5.6 million, due mainly to an estimated $5 million in collaborative research revenues that did not materialize. Analyst Hari Sambasivam noted, however, that Flamel will record a $2 million milestone payment in the fourth quarter from the successful completion of the phase-three trial for Coreg by GSK. Merrill increased the fourth-quarter loss-per-share estimate to $0.29 from $0.21. Shares of the Venissieux Cedex, France-based drug-delivery company were down $2.09, or 10.80%, at $17.27 on volume of 295,949 shares versus the three-month running average of 215,153 shares.

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