Merrill reiterates ImClone at sell

ImClone Systems Inc. was reiterated by Merrill Lynch analyst Eric Ende at a sell rating on news that ImClone is seeking strategic alternatives while believing its Erbitux will be strong against Amgen's panitumumab. Merrill raised its earnings-per-share estimate to $2.02 from $1.48 due to a lower tax rate. Shares of the New York pharmaceutical company were down 87 cents, or 2.46%, at $34.49 on volume of 4,119,703 shares versus the three-month running average of 1,925,200 shares. (Nasdaq: IMCL)

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