Merrill Lynch keeps Protein Design at buy

Protein Design Labs Inc. was maintained at a buy rating with a price target of $28 by Merrill Lynch analyst Thomas McGahren after an analysts day highlighted a promising pipeline of products. The company expects FDA filings of Terlipressin for hepatorenal syndrome in 2007 and for Nuvion for ulcerative colitis in 2008, Merrill Lynch said. Shares of the Fremont, Calif-based biopharmaceutical company were up $0.09, or 0.32%, at $28.09 on volume of 859,104 shares versus the three-month running average of 1,839,690 shares.

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