Genentech kept at buy by Merrill

Merrill Lynch analyst Eric Ende maintained Genentech Inc. at a buy after the company reported third-quarter 2006 earnings per share of $0.55 compared to consensus of $0.51. The earnings were driven by strong Lucentis sales offset by weak cancer drug revenues. Merrill lowered its price target to $96 from $100. The analyst believes sales will begin to rebound in the fourth quarter. Shares of the South San Francisco, Calif.-based biotherapeutic company were down $1.45, or 1.69%, at $84.15. (NYSE: DNA)

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