Genentech reiterated at outperform by Bear

Bear Stearns analyst Monica Orbe reiterated Genentech at market outperform. The U.S. Patent and Trademark Office issued another non-final decision rejecting all claims of Genentech's Cabilly (No. 6,331,415) patent. Though the analyst notes that the rejection of the combined requests was expected, as indicated by Genentech's latest Form 10-Q, Genentech has two months to file a response. A new decision from the Patent and Trademark Office could come two to three months after Genentech's response. Shares of the South San Francisco, Calif.-based biotechnology company were down 29 cents, or 0.35%, at $82.03 on volume of 1,643,900 shares versus the three-month running average of 3,247,500 shares. (Nasdaq: DNA)

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