UCB at buy by Merrill

UCB was given a buy rating by Merrill Lynch analyst Erica Whittaker on the expected release of detailed phase 3 study data from Cimzia, UCB's key growth driver, in Crohn's disease. If the data are good, Merrill sees less risk to its Cimzia forecasts and €46 price objective. Poor data would reduce the analyst's forecasts by about 30.5% to 40%, for a fair value €39 per share. Shares of the Brussels, Belgium, pharmaceutical company were up €0.04, or 0.10%, at €40.04 on volume of 424,968 shares versus the three-month running average of 372,674 shares. (Brussels: UCB.BR)

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