Merrill maintains Genentech at neutral

Genentech Inc. was maintained by Merrill Lynch analyst Eric Ende at a neutral rating on news that enrollment into Avant, an international phase 3 study of Avastin in adjuvant colorectal cancer was temporarily suspended to give more time to evaluate a higher rate of adverse events and non-recurrence related mortality in the Xelox/Avastin arm compared to Folfox & Folfox/Avastin arms. The international trial recruitment suspension does not affect Merrill's estimates or timelines, but the net present value of its adjuvant colorectal cancer estimates could fall by $2 to $2.50. Shares of the South San Francisco, Calif., biotechnology company were down $1.92, or 2.30%, at $81.57 on volume of 3,945,700 shares versus the three-month running average of 3,283,140 shares. (NYSE: DNA)

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