ImClone reiterated at sell by Merrill

Merrill Lynch analyst Eric Ende reiterated ImClone Systems Inc. at sell after the company completed its eight-month review of strategic alternatives and decided to remain independent. The analyst believes this move indicates that bids to acquire the company came in well below ImClone's current market value. Shares of the New York City-based biopharmaceutical company were down $4.32, or 13.35%, at $28.05, on volume of 10,356,915 shares versus the three-month running average of 2,050,420 shares. (Nasdaq: IMCL)

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