Merrill keeps OSI at buy

OSI Pharmaceuticals Inc. was reiterated at a buy rating by Merrill Lynch analyst Eric Ende. OSI is conducting a Tarceva dosing study in lung cancer patients, which could result in a two-fold higher dose given to as many as 30% to 35% of patients, boosting sales. Merrill is raising its target to $40 based on higher Tarceva peak sales potential and recommending OSI as its turnaround story of 2006. The analyst reduced its fourth-quarter loss-per-share estimate to a loss of $0.32 from a loss of $0.17. Shares of the Melville, N.Y., biotechnology company were down 14 cents, or 0.43%, at $32.48 on volume of 1,546,267 shares versus the three-month running average of 1,620,410 shares. (Nasdaq: OSIP)

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