Merrill Lynch reiterates Abgenix's buy rating

Abgenix, Inc. was reiterated at a buy rating with a $16 price target by Merrill Lynch analyst Eric Ende after Abgenix and partner Amgen announced positive data from a pivotal study of panitumumab in colon cancer that will be published in a medical journal and presented at a conference. The drug will likely get approval and could gain 50% of the colorectal cancer market, Merrill Lynch said. Shares of the Fremont, Calif.-based biopharmaceutical company were down $0.04, or 0.031%, at $12.86 on volume of 4,376,385 shares versus the three-month running average of 2,522,460 shares.

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