Jefferies gives Genentech buy rating

Genentech, Inc. was given a buy rating by Jefferies & Co., Inc. analyst Adam Walsh. Abstracts presented at ASCO GI 2006 reflect the strong interest in maximizing the use and benefit of Avastin in treating metastatic colorectal cancer patients. Jefferies is not making any changes to its model, forecasting 2006 Avastin revenues at $1.942 billion. Shares of the South San Francisco biotechnology company were down $1.16, or 1.33%, at $86.30 on volume of 2,069,300 shares versus the three-month running average of 3,339,590 shares. (NYSE: DNA)

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