Merrill rates OSI at buy

OSI Pharmaceuticals, Inc. was rated at a buy by Merrill Lynch analyst Eric Ende. The analyst raised the price objective to $47 from $40 based on higher diabetes royalties and higher Tarceva sales outside of the United States. Merck received Food and Drug Administration approval for the diabetes drug Januvia with higher-than-expected pricing. OSI will receive 2.5% royalties on all Januvia sales. Shares of the Melville, N.Y.-based pharmaceutical company were up $1.73, or 4.61%, at $39.23. (Nasdaq: OSIP)

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