Merrill Lynch maintains QLT at neutral

QLT Inc. was maintained by Merrill Lynch analyst Hari Sambasivam at a neutral rating after competitor Genentech announced impressive data from a study on Lucentis versus Visudyne for age-related macular degeneration, which elicited superior outcomes for Lucentis in 94% and 96% of patients versus 64% for Visudyne. This data will likely lead to a drop in Visudyne sales when Lucentis launches in late 2006. Merrill Lynch said the company must undertake restructuring and reduce research and development spending in 2006-2007. Shares of the Vancouver, B.C.-based biopharmaceutical company were down $0.71, or 9.79%, at $6.54 on volume of 3,820,582 shares versus the three-month running average of 963,078 shares.

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