Protein Design maintained by Merrill at buy

Protein Design Labs Inc. was maintained by Merrill Lynch analyst Thomas McGahren at a buy rating after Genentech reported fourth-quarter total sales of $722 million, in line with Merrill's estimates, for the four antibodies that currently provide royalties to Protein Design Labs. Based on revisions to U.S. sales estimates of Genentech's Avastin and three other drugs, Merrill lowered 2006 royalty estimates for the company to $175 million from $185 million. Despite those lower estimates, Merrill said the stock is still a top mid-cap pick this year. Shares of the Fremont, Calif., biopharmaceutical company were down $1.27, or 4.03%, at $30.21 on volume of 4,826,490 shares versus the three-month running average of 1,418,180 shares. (Nasdaq: PDLI)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.