Angiotech cut by Merrill to neutral

Angiotech Pharmaceuticals Inc. was downgraded by Merrill Lynch analyst Hari Sambasivam to a neutral rating from buy due to the lack of major positive catalysts, as well as a period of increased headline risk associated with competing drug eluting stent offerings. In the United States, Angiotech shares Tuesday were down $0.57, or 4.09%, at $13.36 on volume of 837,452 shares versus the three-month running average of 511,711 shares.

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