Merrill puts PDL at buy

PDL Inc. was rated by Merrill Lynch analyst Tom McGahren at buy as Cardene IV, Retavase and IV Busulfex are tracking in line to modestly below Merrill's total product sales estimate of $45 million for the third quarter. McGahren estimates PDL's third-quarter earnings per share of $0.04, royalty revenue of $42 million, product revenue of $45 million and total revenue of $101 million ahead of the company's earnings release. Shares of the Wilmington, N.C.-based pharmaceutical company were down 66 cents, or 1.90%, at $34.02. (Nasdaq: PPDI)

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