PDL reiterated at buy by Merrill

Merrill Lynch analyst Tom McGahren reiterated PDL BioPharma Inc. at a buy based on Genentech's third-quarter results, where strong Lucentis sales more than offset weaker-than-expected Avastin and Herceptin sales. Kantor increased expected royalty revenue in the fourth quarter to $50 million from $46 million. Shares of the Fremont, Calif.-based biopharmaceutical company were down 21 cents, or 1.03%, at $20.13. (Nasdaq: PDLI)

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