Theravance reiterated by Merrill at buy

Theravance Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating after a competing research analyst downgraded the stock to underperform. Merrill said the call contained no new information and merely pointed out the well-known risks associated with the stock. Merrill said it continues to believe money will be drawn into the stock during 2006 with an expectation for release of telavancin data in mid-2006 and the second half of the year. Shares of the South San Francisco, Calif., biotechnology company were down 92 cents, or 4.29%, at $20.51 on volume of 1,123,455 shares versus the three-month running average of 253,992 shares.

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