Jefferies rates Genzyme at buy

Genzyme Corp. was given a buy rating and a 12- to 18-month price target of $80 by Jefferies & Co., Inc. analyst Adam Walsh. The Food and Drug Administration does not require a dose-ranging study for Genzyme's and Dyax's DX-88 for the treatment of hereditary angioedema (HAE). But, the companies will have to run a small confirmatory placebo-controlled trial to further validate the patient reported outcome instrument used to demonstrate efficacy. The pivotal phase 3 (Edema3) trial is expected to conclude by the end of the year, with results anticipated in the first-quarter 2007. According to the analyst, given that HAE affects an estimated 1 in 30,000 people, DX-88 could reach $210 million in peak sales for Genzyme. Shares of the Cambridge, Mass.-based biotechnology company were up 41 cents, or 0.62%, at $66.64 on volume of 1,886,327 shares versus the three-month running average of 2,398,560 shares. (Nasdaq: GENZ)

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