Bear Stearns gives Genentech outperform rating

Genentech, Inc. was rated at outperform with a $94 price target by Bear Stearns analyst Mark Schoenebaum on the expected approval of Avastin for use with carboplatin/paclitaxel in non-small cell lung cancer. The analyst estimates the lung market is at least $1.4 billion. Avastin sales acceleration is unlikely to occur until late 2007, and with no major clinical milestones for about a year, Schoenebaum believes the shares could trade in a tight range for several months. Those with patience can look for the long-term risk/reward. Shares of the South San Francisco, Calif.-based biotherapeutic company were down 74 cents, or 0.88%, at $83.41. (NYSE: DNA)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.