Genentech maintained by Merrill Lynch at buy

Genentech Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating with a $103 price objective despite its announcement that a preliminary analysis of a phase II trial in kidney cancer for Avastin plus Tarceva versus Avastin alone showed similar benefits. Genentech said it does not plan to pursue the treatment combination, which could reduce Tarceva's peak sales by $100 million. Merrill Lynch said it expects no effect on sales of Avastin, which currently has several promising clinical trials underway. Shares of the South San Francisco, Calif.-based company were up $0.50, or 0.59%, at $84.70 on volume of 2,742,500 shares versus the three-month running average of 3,959,970 shares.

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