UCB downgraded to neutral by Merrill

Merrill Lynch analyst Erica Whittaker downgraded UCB to neutral from a buy. The analyst had named UCB as a top pick for 2006, based on Merrill's high expectations for the epilepsy drug Keppra and Cimzia for Crohn's disease. While the analyst is confident that UCB can execute on near- and long-term growth drivers, the company is trading just below Merrill's discounted cash flow valuation of €46 per share, up 16% year to date. Shares of the Brussels, Belgium-based biopharmaceutical company were down €0.07, or 0.15%, at €45.63 on volume of 374,498 shares versus the three-month running average of 381,006 shares. (Brussels: UCB)

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