Angiotech given buy rating by Merrill

Merrill Lynch analyst Hari Sambasivam rated Angiotech Pharmaceuticals Inc. at buy on news the company's partner, Boston Scientific, reported June quarter worldwide Taxus sales of $647 million. According to the analyst, Taxus is holding its ground, exiting the June quarter with a 50% worldwide share. Angiotech will report its second-quarter results next week. Merrill's estimates for the quarter include total revenues of $98 million, including $41 million of Taxus royalties. Estimated pro forma net income is $16 million, or $0.18 per share, compared to $19 mm, or $0.23 per share, in the second-quarter 2005. Shares of the Vancouver, B.C.-based medical device company were up 13 cents, or 1.09%, at $12.04 on volume of 370,659 shares versus the three-month running average of 384,169 shares. (Nasdaq: ANPI)

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