Angiotech at buy by Merrill

Merrill Lynch analyst Hari Sambasivam rated Angiotech Pharmaceuticals Inc. at buy with a revised price target of $19, from $20. At its Investor Day, Angiotech provided conservative earnings per share forecasts, especially for 2007. Merrill believes the conservative estimates could be revisited following the launches of competing drug eluting stents in 2007 as well as clinical updates of its pipeline products. Shares of the Vancouver, B.C., pharmaceutical company were up 19 cents, or 1.35%, at $14.23 on volume of 284,685 shares versus the three-month running average of 275,917 shares. (Nasdaq: ANPI)

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