Merrill reiterates Telik at sell

Telik Inc. was reiterated at sell by Merrill Lynch analyst Eric Ende. Merrill believes investors have several misconceptions regarding the Telcyta Assist studies. The analyst pointed out that Assist -1 is well designed but it will be difficult to show a survival advantage; Assist-2 was designed well, but standard of care changed after the start of the study, and Assist-3 is poorly designed. Shares of the Palo Alto, Calif., pharmaceutical company were up 46 cents, or 2.48%, at $19.01 on volume of 1,345,367 shares versus the three-month running average of 835,817 shares. (Nasdaq: TELK)

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