Genentech at RBC by outperform

Genentech, Inc. was rated at outperform, average risk, by RBC Capital Markets analyst Jason Kantor on news the company received a complete response letter for Avastin in first-line breast cancer, pushing approval to the second half of 2007. In addition, the analyst lowered his 2007 total Avastin forecast to $2.96 billion from prior $3.57 billion, and 2007 earnings per share to $2.60 from $2.79. Genentech expects approval for Avastin in lung cancer by Oct. 11. Shares of the South San Francisco, Calif.-based biotherapeutic company were down $3.74, or 4.56%, at $78.33. (NYSE: DNA)

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