QLT kept at neutral by Merrill

QLT Inc. kept its neutral rating from Merrill Lynch analyst Hari Sambasivam on news that Macugen is now contraindicated in "patients with known hypersensitivity to pegaptanib sodium or any other excipient in this product." Genentech's Lucentis is seen as the preferred drug for all forms of age related macular degeneration (AMD). Merrill had lowered its estimates for global Visudyne revenues to $150 million in 2008 from $484 million in 2005, reflecting Lucentis' 2006 launch. With the latest safety issues, Merrill revised its estimates. Its earnings per share estimates for 2006 are $0.47 from $0.52, and $0.41 from $0.44 in 2006. Shares of the South San Francisco, Calif., biotechnology company were up $0.09, or 1.20%, at $7.58 on volume of 786,290 shares versus the three-month running average of 1,530,970 shares. (Nasdaq: QLTI)

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