Genentech maintained by Jefferies at buy

Genentech Inc. was maintained by Jefferies & Co. analyst Adam Walsh at a buy rating with a price target on the stock of $98 per share following the FDA panel approval of Tarceva for use in pancreatic cancer as well as lung cancer. Jefferies believes that while Genentech shares continue to command a premium valuation, strength in the underlying business, additional pipeline advancement and label expansions for existing products will support upside in the stock. Genentech shares Wednesday were down $1.17, or 1.29%, at $89.63 on volume of 4,855,900 shares versus the three-month running average of 3,400,280 shares.

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