PDLI price target raised by Merrill Lynch

Protein Design Labs Inc. was maintained by Merrill Lynch analyst Thomas McGahren at a buy rating and the price target on the stock was raised to $29 per share from $26 following a collaboration with Biogen Idec Inc. for the development, manufacture and commercialization of three of its four phase II pipeline antibody candidates. Protein Design Labs shares Wednesday jumped $2.94, or 12.62%, to close at $26.24 on volume of 14,481,416 shares versus the three-month running average of 1,408,760 shares.

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