Jefferies gives Genentech buy rating

Genentech was given a buy rating by Jefferies & Co. Inc. analyst Adam Walsh on news that Genetech's Avastin, used for age-related macular degeneration, will be 85% to 90% replaced by Lucentis, with a $1 billion sales potential, once it is launched. Shares of the South San Francisco pharmaceutical company were up 58 cents, or 0.68%, at $86.20 on volume of 3,145,800 shares versus the three-month running average of 3,402,060 shares. (NYSE: DNA)

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