Merrill Lynch maintains Abgenix at buy

Abgenix, Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating based on the soon-to-be-released data of the panitumumab trial in colorectal cancer. Merrill Lynch said if the trial shows the drug is beneficial, it believes panitumumab would dominate the market and sales could surpass $1 billion. If the trial has a negative outcome, the drug's sales could be $320 million if it ever even reaches the market. Based on current stock price, the risk appears favorable. Shares of the Fremont, Calif.-based biopharmaceutical company were up $0.16, or 1.69%, at $9.61 on volume of 4,611,566 shares versus the three-month running average of 1,851,840 shares.

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