Merrill keeps Genentech at buy

Merrill Lynch analyst Eric Ende maintained Genentech Inc. at buy on news that the Food and Drug Administration delayed its review period for the supplementary biologics licensing application of Herceptin in adjuvant breast cancer by 90 days. A new action date was set for Nov. 17. According to the analyst, the delay is not meaningful commercially since Herceptin is already the standard of care in adjuvant breast cancer with reimbursements from Medicare and Medicaid. Shares of the South San Francisco, Calif.-based biotechnology company were down 25 cents, or 0.31%, at $79.31, on volume of 1,939,000 shares versus the three-month running average of 3,248,740 shares. (NYSE: DNA)

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