Merrill Lynch reiterates Abgenix at buy

Abgenix, Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating with a $16 price target. Merrill Lynch said it believes the valuation gap between ImClone and Abgenix is not justified because Abgenix is likely to have a significant marketing advantage for panitumumab, gets better worldwide economics for its drug and should get more pipeline value through royalties on worldwide sales of multiple products that were developed based on Abgenix's proprietary XenoMouse technology. Shares of the Fremont, Calif.-based biotechnology company were down $0.30, or 2.27%, at $12.93 on volume of 2,226,837 shares versus the three-month running average of 2,657,900 shares.

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