Merrill Lynch maintains Coley at neutral

Coley Pharmaceutical Group Inc. was maintained by Merrill Lynch analyst Thomas McGahren at a neutral rating after third-quarter results showed a loss per share of $0.46, wider than a Merrill Lynch estimate of a $0.36 loss per share due to modestly higher-than-expected research and development expenses. In a collaboration with Coley, Pfizer is expected to begin phase 3 trials of ProMune by the end of the year. Coley will focus on its program for Actilon to treat HCV. Shares of the Wellesley, Mass.-based biopharmaceutical company were down $0.07, or 0.45%, at $15.52 on volume of 40,024 shares versus the three-month running average of 299,350 shares.

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