ImClone at sell by Merrill

ImClone Systems Inc. was rated at sell by Merrill Lynch analyst Eric Ende. The company reported Erbitux sales of $138 million, above consensus of $132 million. The increased sales were from faster-than-anticipated adoption in head and neck cancer. Merrill expects $650 million to $800 million in peak Erbitux sales, given upcoming competition from Amgen's p-mab. Shares of the New York City biopharmaceutical company were down 3 cents, or 0.08%, at $36.40 on volume of 4,462,449 shares versus the three-month running average of 1,653,480 shares. (Nasdaq: IMCL)

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