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Merrill reiterates OSI at buy
OSI Pharmaceuticals, Inc. was reiterated by Merrill Lynch analyst Eric Ende at buy in response to the company's research and development day. Tarceva sales are likely to surpass expectations and should achieve an extended lifecycle, while the value of the diabetes franchise may be larger than expected. Macugen remains a wild card in Merrill's model, and therefore the drug is not part of the analyst's valuation. Merrill continues to recommend OSI as its top turnaround story for 2006. Shares of the Melville, N.Y., biotechnology company were down 96 cents, or 2.90%, at $32.18 on volume of 1,301,482 shares versus the three-month running average of 1,719,410 shares. (Nasdaq: OSIP)
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