Jefferies rates Genentech at buy

Genentech, Inc. was rated by Jefferies & Co., Inc analyst Adam Walsh at a buy on news that Lucentis received approval from the Food and Drug Administration. An estimated 85% to 90% of Avastin users for neovascular (wet) age-related macular degeneration are expected to switch to Lucentis, according to the analyst. The drug has a market potential of $1 billion. Shares of the South San Francisco, Calif.-based biotherapeutic company were up $1.02, or 1.25%, at $82.82 on volume of 1,631,500 shares versus the three-month running average of 3,512,160 shares. (NYSE: DNA)

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