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OSI Pharma estimates cut by Merrill Lynch
OSI Pharmaceuticals Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating with a price target on the stock of $51 per share, but sales estimates for its eye treatment Macugen were reduced following news of Genentech Inc.'s plan to file approval for its eye treatment Lucentis in December without fast-track status. Merrill believes Lucentis could hurt OSI Pharma's sales of Macugen, and lowered its sales estimates for Macugen to $350 million from $365 million in 2006. OSI Pharma shares Thursday were down $0.84, or 2.52%, at $32.54 on volume of 1,568,717 shares versus the three-month running average of 2,065,040 shares.
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