Merrill downgrades Telik to sell

Telik Inc. was downgraded to sell from neutral by Merrill Lynch analyst Eric Ende. Merrill believes the three Telcyta studies may be insufficient for approval because the trial designs are flawed or the endpoint will be difficult to hit. The analyst has doubts about the market opportunity for the drug. If all three trials succeed, Merrill estimates only $5 of upside in the stock; if all three fail, there could be $13 to $14 of downside. Shares of the Palo Alto, Calif., pharmaceutical company were down 18 cents, or 0.94%, at $19.02 on volume of 4,398,564 shares versus the three-month running average of 743,684 shares. (Nasdaq: TELK)

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