Genentech at buy by Merrill

Merrill Lynch analyst Eric Ende reiterated Genentech, Inc. at a buy. Despite solid sales, the company missed high expectations, according to the analyst. Merrill lowered its Avastin projections and raised 2006 earnings per share by 2 cents due to higher royalty revenues. Shares of the South San Francisco, Calif.-based pharmaceutical company were down $3.08, or 3.66%, at $80.98 on volume of 10,560,900 shares versus the three-month running average of 3,647,350 shares. (NYSE: DNA)

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