Angiotech at buy by Merrill

Angiotech Pharmaceuticals Inc. was rated at buy by Merrill Lynch analyst Hari Sambasivam after the company reported revenues of $41.1 million, including $39.4 million of Taxus royalties, compared to the analyst's estimates of $47.5 million. Angiotech reported pro forma net income of $13.3 million, or $0.16 per share, versus Merrill's $16.4 million, or $0.18 per share. Merrill reduced its 2006 to 2008 earnings per share estimates to $0.74, $1.26 and $1.47 from $0.82, $1.32 and $1.53. Shares of the Vancouver, B.C., pharmaceutical company were up $0.42 or 2.83%, at $15.24 on volume of 430,832 shares versus the three-month running average of 528,731 shares. (Nasdaq: ANPI)

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