Merrill maintains Protein Design at buy

Protein Design Labs Inc. was maintained at buy with a $37 price objective by Merrill Lynch analyst Thomas McGahren. The company reported a third-quarter loss per share of $0.11, wider than Merrill's $0.04 estimate, but revenue beat Merrill's $70 million estimate by $7 million. McGahren raised the earning-per-share estimate to $0.01 from a loss of $0.01, mainly due to higher expected product sales, royalties and licensing revenue. Shares of the Fremont, Calif.-based biotechnology company were down $1.27, or 4.62%, at $26.23 on volume of 4,524,446 shares versus the three-month running average of 1,868,930 shares.

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