Axcan at sell by Merrill

Axcan Pharma Inc. was kept at a sell rating by Merrill Lynch analyst Hari Sambasivam. Merrill removed revenues and related expenditures for ITAX from its model following the failure of the first phase 3 trial for ITAX. The analyst projects growth of 3% in SG&A and R&D spending in 2007 and subsequent years. Merrill will review its sell rating following data from the North American phase 3 study, clarity on potential development for ITAX in diabetic gastropathy, and acquisitions or in-licensing of new products. Shares of the Mont-Saint-Hilaire, Quebec, pharmaceutical company were up $0.125, or 1.00%, at $12.13 on volume of 520,574 shares versus the three-month running average of 645,132 shares. (Nasdaq: AXCA)

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