Merrill has Acambis at neutral

Acambis plc was given a neutral rating by Merrill Lynch analyst Erica Whittaker as the company's MVA smallpox contract is delayed, also delaying revenue for vaccine delivery by two years. As a result, the analyst reduced the company's fair value estimate to 175p per share from 190p per share, with not quite enough upside to warrant a buy rating. Shares of the Cambridge, England-based pharmaceutical company were down 23.50p, or 13.28%, at 153.50p on volume of 3,383,814 shares versus the three-month running average of 485,086 shares. (London: ACM)

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