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Merrill rates OSI at buy
OSI Pharmaceuticals, Inc. was weak on Tarceva sales and on concern that new clinical data for Avastin as well as for Erbitux in pancreatic cancer could hurt future growth of the product. Merrill recommends looking through near-term concerns and focusing on Tarceva's long-term potential in second-line lung cancer and future price increases. First-quarter 2006 Tarceva U.S. sales were $93 million, above consensus of $91 million. Shares of the Melville, N.Y., pharmaceutical company were down $0.32, or 1.18%, at $26.79 on volume of 1,484,326 shares versus the three-month running average of 1,506,040 shares. (Nasdaq: OSIP)
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