Jefferies says buy Genentech

Genentech, Inc. was rated at a buy by Jefferies & Co., Inc. analyst Adam Walsh. The analyst believes the Tanox acquisition makes a good strategic fit. While the deal will be neutral to non-GAAP earnings per share in 2007 and modestly accretive beginning in 2008, a return on investment will ultimately depend on Genentech's ability to continue to grow the Xolair franchise, according to Walsh. Shares of the South San Francisco, Calif.-based biotherapeutic company were up 24 cents, or 0.307%, at $81.59. (NYSE: DNA)

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