Merrill maintains PDL BioPharma at buy

PDL BioPharma Inc. was maintained at buy with a $40 price objective and a 2006 earnings-per-share estimate of $0.41 by Merrill Lynch analyst Thomas McGahren after the company announced it completed enrollment in its phase 3 study of terlipressin for the treatment of type 1 hepatorenal syndrome, a complication of liver cirrhosis characterized by rapidly progressive kidney failure. The agency predicted modest peak sales of $30 million to $50 million for the drug but described it as a "good fit" for the company's sales force and acute care product portfolio. Shares of the Fremont, Calif.-based biopharmaceutical company were down 53 cents, or 1.67%, at $31.26 on volume of 677,489 shares versus the three-month running average of 1,538,790 shares. (Nasdaq: PDLI)

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