Merrill retains Serono at buy

Serono SA was retained at buy by Merrill Lynch analyst Erica Whittaker, who raised the price objective to $21.20 from $19.60 after the company confirmed it has appointed advisers to evaluate merger and acquisition opportunities. Whittaker described acquisition speculation as "not new" and focused instead on the company's promising pipeline and weakened sales for Biogen/Elan's Tysabri due to a restrictive risk management program. Shares of the Geneva-based biotechnology company were up $0.41, or 2.28%, at $18.38 on volume of 1,373,500 shares versus the three-month running average of 105,909 shares.

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