Merrill Lynch lowers price target for OSI

The price target on OSI Pharmaceuticals Inc. was lowered by Merrill Lynch analyst Eric Ende to $34 from $51. The buy rating was maintained. Merrill Lynch said the lowered price was based on the discontinuation of Tarceva by partner Genentech after a phase II trial showed Avastin and Tarceva combined was not better than Avastin alone in treating kidney cancer, eliminating $100 million in new sales potential for Tarceva. Shares of the Melville, N.Y.-based biopharmaceutical company were down $2.12, or 8.25%, at $23.57 on volume of 3,464,962 shares versus the three-month running average of 2,555,970 shares.

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