Merrill reiterates ImClone sell rating

ImClone Systems Inc. was reiterated at sell by Merrill Lynch analyst Eric Ende after the announcement of positive data on panitumumab, which Ende characterized as "worst-case scenario" for ImClone and its Erbitux colorectal cancer drug. Merrill believes the peak potential of Erbitux may not be closer to $500 million to $650 million and fair value to ImClone stock would be $28 to $31 per share. Shares of the New York-based biotechnology were down $7.46, or 20.66%, at $28.65 on volume of 18,353,734 shares versus the three-month running average of 1,409,020 shares.

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