Merrill Lynch maintains Axcan at neutral

Axcan Pharma Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a neutral rating after third-quarter results showed $67 million in revenues, well above Merrill Lynch estimates of $60 million. Expenses of $47.6 million were slightly below estimates of $48.2 million. ITAX trials and projected New Drug Application timelines are moving on schedule. Merrill Lynch said it views ITAX as a major product opportunity and the reason to own the stock for the long term. Shares of the Mont Saint-Hilaire, Quebec, pharmaceutical company were up $0.18, or 1.31%, at $13.95 on volume of 1,027,958 shares versus the three-month running average of 327,481 shares.

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