Bear Stearns maintains Genentech at outperform

Genentech Inc. was maintained at an outperform rating and a $98 price target by Bear Stearns' Mark Schoenebaum. The company reported strong first-quarter 2006 results, beating consensus Avastin, Herceptin and earnings per share estimates. Genentech took its 2006 earnings per share guidance up. U.S. Avastin sales were $398 million compared to consensus of $390 million and the analyst's estimate of $384 million, while Herceptin sales were $290 million, $264 million and $260 million respectively. Shares of the South San Francisco, Calif., biotherapeutics company were down $0.99, or 1.21%, at $80.71 on volume of 8,553,900 shares versus the three-month running average of 3,404,080 shares. (NYSE: DNA)

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