Merrill reiterates PDL BioPharma at buy

PDL BioPharma, Inc. was reiterated at buy by Merrill Lynch analyst Tom McGahren. The company's second-quarter product revenues were in line despite return charges; royalties were strong and expenses were in check, according to the analyst. Earnings per share of $0.17 beat estimates. Merrill lowered its price objective to $29 from $35 after removing Terlipressin from its models. Shares of the Fremont, Calif.-based biopharmaceutical company were up 21 cents, or 1.22%, at $17.44, on volume of 4,466,211 shares versus the three-month running average of 2,633,200 shares. (Nasdaq: PDLI)

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