Jefferies puts Genentech at buy

Genentech, Inc. was rated at buy by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies surveyed 20 U.S. oncologists to evaluate the future of the metastatic colorectal cancer (mCRC) market, with a focus on approved compounds Avastin and Erbitux and the emerging therapeutic candidate Panitumumab. The survey suggests Avastin has largely penetrated the mCRC market. The analyst expects Avastin growth to be driven by approvals in breast and lung cancer, beyond CRC. Shares of the South San Francisco biotechnology company were down 10 cents, or 0.13%, at $79.19 on volume of 2,830,900 shares versus the three-month running average of 3,473,760 shares. (NYSE: DNA)

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