Abgenix estimates upped by Merrill Lynch

Abgenix Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating with a price target on the stock of $16 per share following second-quarter earnings, as the company also announced it has decided to co-promote the cancer drug panitumumab with Amgen Inc. Merrill raised its 2005 EPS estimate to a net loss of $1.97 per share from a loss of $1.98. Abgenix shares Wednesday declined $0.20, or 1.87%, to close at $10.51 on volume of 2,897,912 shares versus the three-month running average of 1,727,880 shares.

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