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Merrill reiterates OSI at buy
Merrill Lynch analyst Eric Ende reiterated OSI Pharmaceuticals, Inc. at a buy on news that Genentech's Lucentis received Food and Drug Administration approval to treat age-related macular degeneration (AMD). Lucentis is likely to cut into Macugen's market share, according to the analyst. Merrill reduced its Macugen estimates to $187 million from $197 million in 2006 and to $123 million from $174 million in 2007. The analyst's loss-per-share estimate declines to a loss of $0.04 from a loss of $0.02 in 2006. Shares of the Melville, N.Y.-based pharmaceutical company were down $1.45, or 4.42%, at $31.35 on volume of 1,603,519 shares versus the three-month running average of 1227,320 shares. (Nasdaq: OSIP)
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