Genentech price target raised by Merrill Lynch

Genentech Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating and the price target on the stock was raised to $103 per share from $100 on expectations of strong revenue growth driven by faster-than-expected adoption of Herceptin in the adjuvant breast cancer setting and Avastin in lung and breast cancer. Genentech shares Wednesday were down $1.20, or 1.34%, at $88.55 on volume of 3,009,300 shares versus the three-month running average of 3,445,090 shares.

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