PDL BioPharma rated at buy by Merrill

PDL BioPharma Inc. was rated at buy by Merrill Lynch analyst Tom McGahren on news that the company held its business update meeting to review in detail Cardene IV, Retavase and IV Busulfex.

Cardene IV will likely be the single biggest product driver for PDL over the next few years, with first-quarter net sales of $25 million. The clot buster Retavase is taking its share in the competitive market, with $13 million in sales for the quarter. IV Busulfex first-quarter sales were higher than expected at $5 million. Shares of the Fremont, Calif., biopharmaceutical company were down 52 cents, or 2.32%, at $21.87 on volume of 3,560,007 shares versus the three-month running average of 2,065,890 shares. (Nasdaq: PDLI)

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