Merrill upgrades Human Genome to buy

Human Genome Sciences, Inc. was upgraded to buy from sell with a 12-month price objective of $16 by Merrill Lynch analyst Hari Sambasivam. The upgrade follows news of the Albuferon deal with Novartis, which includes an up front payment of $45 million, a $47.5 million payment upon dosing the first patient, and up to $460 million in additional milestone payments. Shares of the Rockville, Md.-based biopharmaceutical company were down 7 cents, or 0.66%, at $10.54 on volume of 6,108,618 shares versus the three-month running average of 3,537,460 shares. (Nasdaq: HGSI)

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