OSI Pharma estimates raised by Merrill Lynch

OSI Pharmaceuticals Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating with a price target on the stock of $56 per share, asserting the market is underestimating the potential for its diabetes drug Tarceva. Merrill also raised its 2006 EPS estimate to a net loss of 36 cents per share from a loss of 77 cents per share. OSI Pharma shares Wednesday gained $1.38, or 3.63%, to close at $39.39 on volume of 1,801,408 shares versus the three-month running average of 1,448,220 shares.

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