Imclone kept sell by Merrill

Imclone Systems Inc. was maintained at sell by Merrill Lynch analyst Eric Ende. Erbitux was approved for use in combination with radiation for local and/or regionally advanced head and neck cancer, and as monotherapy in metastatic head and neck cancer. With about 20% of Erbitux sales from off-label uses, primarily head and neck cancer, sales inflection following label expansion will probably be limited. Erbitux, Avastin and Panitumumab could compete in the head and neck cancer market. Merrill estimates peak penetration of about 30% of locoregional and metastatic head and neck cancer in 2010, generating peak sales of about $270 million. That estimate could be up to 50% lower if, as expected, Panitumumab is priced at a discount. Shares of the New York City biopharmaceutical company were down $1.59, or 4.05%, at $37.42 on volume of 3,147,914 shares versus the three-month running average of 1,633,640 shares. (Nasdaq: IMCL)

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