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Stock News : Biotech/Pharmaceuticals OSI Catches Tarceva Bid By Althea ChangStaff Reporter 4/5/2005 5:18 PM EDT Shares of OSI Pharmaceuticals (OSIP:Nasdaq - commentary - research) rose Tuesday on the news that its partner, Genentech (DNA:NYSE - commentary - research), will increase wholesale prices of the cancer drug Tarceva.

OSI shares rose $2.86, or 7.2%, to $42.67.

Genentech shares rose 73 cents, or 1.3% to $56.63.

OSI shares were on a steady decline in recent months, as analysts drastically lowered OSI price targets and sales projections blaming competition from Eli Lilly's (LLY:NYSE - commentary - research) cancer drug Tarceva prescriptions have been lower than expected.

Last month, Jim Birchenough of Lehman Brothers lowered his price target for OSI to $58 from $80 and reduced 2006 sales estimates to $336 million from $396 million and 2007 sales to $520 million from $600 million.

His price targets last summer were as much as $120.

When Genentech revealed last month that trials of its biologic drug Avastin combined with traditional chemotherapy drugs prolonge...

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