Merrill reiterates PDL at buy

Merrill Lynch analyst Tom McGahren reiterated PDL BioPharma Inc. at buy ahead of the company's earnings announcement. The analyst is expecting in-line product sales and royalties meeting or beating estimates based on first-quarter antibody sales. Merrill looks for second-quarter earnings per share, ex-options of $0.06, with consensus at $0.09. Shares of the Fremont, Calif.-based biopharmaceutical company were up 13 cents, or 0.71%, at $18.37 on volume of 854,764 shares versus the three-month running average of 2,598,390 shares. (Nasdaq: PDLI)

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