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Merrill Lynch maintains buy on OSI
Merrill Lynch analyst Eric Ende said that within 12 months, OSI Pharmaceuticals, Inc.'s management will decide if the company will exist as a sustainable stand-alone business or be put up for sale. The decision likely hinges on Macugen's success, but either way, Merrill Lynch expect OSI to trade higher once a decision is made. In the interim, Macugen is likely to remain an overhang, but Merrill Lynch would use uncertainty to buy the stock as Tarceva and the diabetes franchises remain undervalued assets.
Shares of the company were up 10 cents, or 0.35%, at $28.62 on volume of 925,177 shares. Three-month running averages were at 1,230,070. (Nasdaq: OSIP)
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