Merrill keeps QLT at neutral

QLT Inc. was kept at a neutral rating by Merrill Lynch analyst Hari Sambasivam. The company will report first-quarter results on April 27. Merrill estimates revenues of $49.1 million and pro forma net income of $10.7 million, or $0.12 per share, compared with consensus earnings per share of $0.13. Novartis is scheduled to report Visudyne sales results on April 24. Merrill is estimating $105 million for the quarter, down from $123.7 million in the first quarter of 2005. Shares of the Vancouver, B.C., biopharmaceutical company were up 26 cents, or 3.39%, at $7.92 on volume of 1,377,955 shares versus the three-month running average of 1,527,810 shares. (Nasdaq: QLTI)

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