Serono stays at buy, Merrill says

Serono SA was retained at buy with a CHF930 per share price objective by Merrill Lynch analysts Erica Whittaker and Peter Welford following the announcement the company has licensed worldwide rights to Genmab's HuMax-CD4 antibody. The cancer drug is in Phase III development. Serono will pay a $20 million upfront fee and purchase $50 million in new Genmab shares. Serono shares closed Thursday down $0.08, or 0.48%, at $16.49 on volume of 72,600 shares compared with a three-month trailing average of 112,576.

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