Merrill puts PDL at buy

PDL BioPharma was rated at buy by Merrill Lynch analyst Tom McGahren. Roche reported strong first-quarter European sales for Herceptin of $349 million and Avastin of $123 million. Pending the company's results call, the analyst raised his second-quarter 2006 royalty revenue estimate to $53 million from $51 million. Shares of the Fremont, Calif., biopharmaceutical company were down 88 cents, or 3.03%, at $28.16 on volume of 1,919,056 shares versus the three-month running average of 1,339,520 shares. (Nasdaq: PDLI)

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