Merrill retains CAT at buy

Merrill Lynch analyst Erica Whittaker retained Cambridge Antibody Technology Group plc at buy on news that higher revenues and lower operating expenses than Merrill expected helped Cambridge post a profit in the first quarter of 2006. Cambridge, as a result of its settlement with Abbott, received the first of five annual $9.4 million milestones in the first quarter of its financial year. Fourth-quarter Humira sales were higher than Merrill expected, generating higher royalty revenue for Cambridge. Shares of the Cambridge, U.K., pharmaceutical company were down 1 cent, or 0.08%, at $12.09 on volume of 20,944 shares versus the three-month running average of 19,971 shares. (Nasdaq: CATG)

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