Merrill reiterates Abgenix at buy

Abgenix Inc. was reiterated at buy with a $16 price objective by Merrill Lynch analyst Eric Ende after the company announced positive data from a pivotal study for panitumumab in third-line colorectal cancer. Ende said the drug may have better efficacy than ImClone's Erbitux, should reach market in the second half of 2006 and may achieve peak sales of more than $1 billion. Shares of the Fremont, Calif.-based biotechnology were up $3.53, or 37.67%, at $12.90 on volume of 37,724,235 shares versus the three-month running average of 1,982,430 shares.

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