Merrill Lynch reiterates Genentech at buy

Genentech Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating with a $103 price target after the company's phase III anchor trial of Lucentis met its primary endpoint of maintaining vision in patients with age-related macular degeneration. The data were strong with improved vision in 94% to 96% of patients, but in line with expectations. A mid-2006 launch is expected, Merrill Lynch said. Shares of the South San Francisco biotechnology company were up $0.79, or 0.85%, at $93.90 on volume of 2,261,900 shares versus the three-month running average of 3,987,210 shares.

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