Merrill Lynch keeps Regeneron at neutral

Regeneron Pharmaceuticals was maintained by Merrill Lynch analyst Hari Sambasivam at a neutral rating despite amending its income statement model. Merrill Lynch said the estimates were revised following Sanofi-Aventis' (Regeneron's partner on the IL-Trap program) expansion of its oncology program, termination of Sanofi-Aventis' program in rheumatoid arthritis and its restructuring to conserve cash by reducing staff by 23%. Merrill Lynch said its income statement model only allocates placeholder revenues for VEGF Trap in oncology due to a lack of significant data and timelines. But, it said a higher upside potential exists pending disclosure of VEGF Trap clinical data. Regeneron is a biopharmaceutical company based in Tarrytown, N.Y. Shares were up $0.40, or 4.12%, at $10.10 on volume of 571,036 versus the three-month running average of 292,645 shares.

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