Merrill reiterates Cubist at buy

Cubist Pharmaceuticals Inc. was reiterated at buy by Merrill Lynch analyst David Munno. The company reported first-quarter 2006 U.S. Cubicin sales of $37.3 million, compared with Merrill's estimate of $37.6 million and consensus of $38.9 million. Cubist reiterated 2006 Cubicin sales guidance of $190 million to $205 million. Additionally, the Food and Drug Administration accepted Cubist's response to the approvable letter and set a May 26 PDUFA date. Shares of the Lexington, Mass., biopharmaceutical company were up $1.98, or 9.36%, at $23.14 on volume of 2,378,882 shares versus the three-month running average of 792,971 shares. (Nasdaq: CBST)

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