Merrill maintains PDL at buy

PDL Biopharma Inc. was maintained by Merrill Lynch analyst Thomas McGahren at buy. PDL receives royalties on worldwide sales of Roche's Herceptin and Avastin. Herceptin sales in Europe/Japan/ROW were $923 million, higher than Merrill's estimate of $750 million. Avastin sales in Europe/ROW totaled $193 million, also higher than Merrill's estimate of $100 million. The analyst increased its total royalty revenue estimate for PDL in the first quarter of 2006 to $45 million from $43 million, and 2006 earnings-per-share estimate to $0.36 from $0.34. Shares of the Fremont, Calif., biopharmaceutical company were up 47 cents, or 1.61%, at $29.62 on volume of 906,848 shares versus the three-month running average of 1,472,980 shares. (Nasdaq: PDLI)

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