Merrill rates PDL at buy

PDL BioPharma Inc was given a buy rating by Merrill Lynch analyst Thomas McGahren. The company is thus far executing on its plan to rejuvenate and grow sales of Cardene IV and Retavase. Both Cardene IV, an intravenous anti-hypertensive, and Retavase, a fibrinolytic targeted for the ER in hospitals, are benefiting from strengthened marketing efforts by the company. As a result, Merrill believesres PDL will beat the analyst's estimate of $43 million for the total of Cardene IV, Retavase and IV Busulfex sales when it reports on Feb. 27. Shares of the Fremont, Calif., biopharmaceutical company were up 39 cents, or 1.37%, at $28.89 on volume of 1,603,252 shares versus the three-month running average of 1,371,290 shares. (Nasdaq: PDLI)

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