Merrill Lynch retains Cambridge Antibody at buy

Cambridge Antibody Technology was retained at a buy rating with a $17.43 price objective by Merrill Lynch analyst Erika Whittaker after the company announced that it acquired two oncology products from Genencor, the U.S. biotech unit of Danisco, for $16 million. The company also hired 10 former employees of Genencor and set up a U.S. base, which is expected to cost about $8 million to $10 million in operating expenses in the next few years. Merrill Lynch said its models already assumed increased expenses. Shares of the Cambridge, England, biotechnology company were up $0.13, or 1.09%, at $12.05 on volume of 15,672 shares versus the three-month running average of 13,078.5 shares.

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