Merrill keeps OSI at buy

Merrill Lynch analyst Eric Ende maintained OSI Pharmaceuticals, Inc. at a buy after the company presented encouraging data from a phase 2a proof-of-concept study for its oral DPP-IV inhibitor, PSN9301, in the treatment of type 2 diabetes at the American Diabetes Association annual meeting. The data showed that the glucose area under the curve in response to an oral glucose tolerance test was reduced 24% to 42% compared to a placebo. PSN9301 is expected to move into phase 2b trials in the third quarter. Shares of the Melville, N.Y.-based pharmaceutical company were unchanged at $29.77 on volume of 722,463 shares versus the three-month running average of 1,177,660 shares. (Nasdaq: OSIP)

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