Merrill maintains PDL at buy

Merrill Lynch analyst Tom McGahren maintained PDL BioPharma, Inc. at buy after the company reported first-quarter 2006 earnings per share of $0.02 compared to Merrill's estimate of $0.15 and consensus of $0.14. The company expects increased research and development expenses related to higher expected clinical trial costs for ularitide. The analyst lowered his 12-month price objective to $35 from $40. Shares of the Fremont, Calif., biopharmaceutical company were down $6.49, or 23.52%, at $21.10 on volume of 36,741,084 shares versus the three-month running average of 1,931,380 shares. (Nasdaq: PDLI)

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