Merrill reiterates ImClone at sell

ImClone Systems Inc. was reiterated at sell by Merrill Lynch analyst Eric Ende after the company said it is no longer for sale and would seek to develop its pipeline and expand Erbitux sales. Peak cash earnings will be lower than projected, at $0.95 in 2007, due to increased spending in support of corporate development. According to Ende, in a best case, ImClone's worth is estimated at less than $20. Shares of the New York City-based biopharmaceutical company were up $1.56, or 5.30%, at $31.00. (Nasdaq: IMCL)

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