Merrill keeps Telik at sell

Telik Inc. was reiterated at sell by Merrill Lynch analyst Eric Ende on news of the Food and Drug Administration's upcoming workshop to discuss appropriate endpoints for ovarian cancer trials. The FDA may indicate that surrogate endpoints, such as response rate and progression-free survival, may not be enough to support new drug approvals, meaning Telik's Assist-3 study in second-line ovarian cancer is not properly designed and may not support approval. If any combination of two or more Assist trials fail the FDA's new endpoint standards, Merrill estimates a fair value of $6 to $14, or about $4 to $12 of downside. Shares of the Palo Alto, Calif., biopharmaceutical company were down 55 cents, or 0.03%, at $17.76 on volume of 927,888 shares versus the three-month running average of 828,713 shares. (Nasdaq: TELK)

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