Merrill keeps PDL at buy

PDL BioPharma Inc. was maintained by Merrill Lynch analyst Tom McGahren at buy on news the company reported preliminary data from an open-label phase 1 study of Nuvion. The data suggests Nuvion may have potential in the treatment of moderate to severe Crohn's disease. Crohn's disease could impact PDL's bottom line in the form of royalties on sales of UCB's Cimzia beginning in 2007. More near-term potential is in Nuvion's I.V. for steroid-resistance ulcerative colitis. Shares of the Fremont, Calif., biopharmaceutical company were up 46 cents, or 2.37%, at $19.84 on volume of 1,642,649 shares versus the three-month running average of 2,378,650 shares. (Nasdaq: PDLI)

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