Merrill reiterates Abgenix buy rating

Abgenix was maintained by Merrill Lynch analyst Eric Ende at a buy rating with a $16 price objective after the company reported a third-quarter loss per share of $0.41, narrower than Merrill's estimate of $0.49, primarily due to lower-than-expected research and development expenses. Merrill also said it believes clinical data for Abgenix's panitumumab, to be released in mid-November, will reach statistical significance and show the drug's ability to improve progression-free survival in colorectal cancer patients. Shares of the Fremont, Calif.-based biotechnology company were up $0.21, or 2.09%, at $10.26 on volume of 1,510,407 shares versus the three-month running average of 1,935,100 shares.

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