OSI Pharma target raised by Merrill

OSI Pharmaceuticals Inc. was maintained by Merrill Lynch at a buy rating, but the firm raised its target price for the stock to $56 from $54. Also, because of higher lung cancer drug Tarceva sales, Merrill raised its EPS estimate for 2005 to a loss of $1.35 from a loss of $1.59, and the 2006 estimate to a loss of 68 cents from a loss of 84 cents. OSI Pharma shares Tuesday rose $1.10, or 2.47%, to $45.55 on volume of 4.42 million shares versus the three-month running average of 1.47 million.

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