Merrill reiterates OSI at buy

OSI Pharmaceutical Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy. Merrill believes the market is underestimating Tarceva's market potential and raised its price objective to $36 from $34 based on higher Tarceva sales projections. The U.S. Tarceva estimates were increased to $413 million from $386 million on higher market share assumptions. Shares of the Melville, N.Y., biotechnology company were up 21 cents, or 0.74%, at $28.58 on volume of 1,830,772 shares versus the three-month running average of 1,677,100 shares. (Nasdaq: OSIP)

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