Abgenix reiterated by Merrill at buy

Abgenix Inc. was reiterated Wednesday by Merrill Lynch & Co. at a buy rating. Fremont, Calif.-based Abgenix is involved in the discovery of human therapeutic antibodies for the treatment of various disease conditions, including cancer, inflammation and metabolic disease. Abgenix shares on Wednesday lost 2 cents, or 0.23%, to close at $8.70 on volume of 974,415 shares versus the three-month running average of 1.64 million.

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