Genentech reiterated at buy by Merrill

Genentech Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy following the Food and Drug Administration's approval of Lucentis to treat age-related macular degeneration (AMD). The drug was priced at about 20% to 30% higher than expected at $1,950 per dose. Retinal specialists are expected will choose Lucentis over Avastin. Merrill raised its 2006 U.S. Lucentis sales estimates to $68 million from $42 million, and in 2007 to $479 million from $277 million. Shares of the South San Francisco, Calif.-based biotherapeutic company were up 79 cents, or 0.95%, at $83.61 on volume of 5,071,000 shares versus the three-month running average of 3,523,070 shares. (NYSE: DNA)

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