Merrill maintains OSI at buy

OSI Pharmaceuticals, Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating and a $34 target price after the company announced that its diabetes drug PSN9301 showed positive preliminary findings in a phase 2A proof-of-concept study. The data, although early, is encouraging but the drug candidate may be late to the market relative to other drugs of its class and has less convenient dosing, Ende said. Shares of the Melville, N.Y., biotechnology company were down $0.01, or 0.04%, at $23.24 on volume of 1,356,350 shares versus the three-month running average of 2,261,620 shares.

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