Merrill keeps PDL at buy

PDL BioPharma Inc. was maintained by Merrill Lynch analyst Tom McGahren at buy after the company, along with BiogenIDEC, announced interim phase 2 data for M200 from three 40-patient open-label trials in the treatment of renal cell carcinoma, pancreatic cancer and melanoma. It is too early to tell whether M200 has antitumor activity or clinical benefit since only one partial response was achieved in each trial, according to the analyst. Shares of the Fremont, Calif.-based biopharmaceutical company were down 35 cents, or 1.81%, at $18.96 on volume of 1,861,707 shares versus the three-month running average of 2,375,600 shares. (Nasdaq: PDLI)

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