Merrill keeps PDL at buy

PDL BioPharma Inc. was maintained by Merrill Lynch analyst Tom McGahren at a buy. Merrill is raising royalty revenues in 2007 to $276 million from $270 million based on revised estimates for sales of Genentech's humanized antibody products, including Lucentis. The royalty revenue estimates for 2006 remain the same at $184 million. Earnings per share were raised to $0.66 from $0.65 in 2007, to $1.19 from $1.17 in 2008 and to $1.53 from $1.50 in 2009. Shares of the Fremont, Calif.-based biopharmaceutical company were down 52 cents, or 2.84%, at $17.80 on volume of 2,141,664 shares versus the three-month running average of 2,498,870 shares. (Nasdaq: PDLI)

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