Merrill reiterates Abgenix buy

Abgenix Inc. was reiterated at buy with a $16 price objective by Merrill Lynch analyst Eric Ende after the company announced a 33% response rate in its phase 2 clinical trial of panitumumab for the treatment of metastatic colorectal cancer in combination with chemotherapy. Ten out of the 24 patients dropped out due to adverse effects, but Merrill said it is unconcerned, as the effects may or may not have been due to panitumumab. Shares of the Fremont, Calif.-based biotechnology company were down $0.48, or 4.87%, at $9.37 on volume of 6,979,206 shares versus the three-month running average of 1,922,610 shares.

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