Merrill keeps Genentech at buy

Genentech, Inc. was kept at a buy rating by Merrill Lynch analyst Eric Ende on expected news that the Food and Drug Administration approved Avastin for the treatment of first-line non-squamous non-small cell lung cancer. This is expected to accelerate Avastin growth by helping to alleviate physician reimbursement concerns. Ende estimates the approval will add incremental sales of $700 million with Avastin sales rebounding in the fourth quarter. Shares of the South San Francisco, Calif.-based biotherapeutic company were down 74 cents, or 0.88%, at $83.41. (NYSE: DNA)

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