UBS Warburg Cuts Estimates for ImClone Systems

Merrill Lynch also downgrades the stock after the FDA's rejection of the filing for the company's colorectal cancer drug

The Food and Drug Administration does not accept ImClone Systems' (IMCL ) Biologics License Application for Erbitux, a treatment for colorectal carcinoma. In response, UBS Warburg cuts its earnings estimates and price target on the stock.

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