Merrill rates Angiotech at buy

Angiotech Pharmaceuticals Inc. was given a buy rating by Merrill Lynch analyst Hari Sambasivam. According to the analyst, competing stent data from Abbott's Spirit II trial will be released on Sept. 5. The Xience stent is expected to achieve its primary endpoint of non-inferiority to Taxus, with no material differences between Xience and Taxus in secondary endpoints. The analyst believes Angiotech's depressed stock price reflects market share erosion to new entrants including Abbott, Medtronic and Conor Medsystems. Shares of the Vancouver, B.C.-based medical technology company were up 27 cents, or 2.35%, at $11.75, on volume of 323,446 shares versus the three-month running average of 390,902 shares. (Nasdaq: ANPI)

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