Genentech maintained by Bear Stearns at outperform

Genentech Inc. was maintained by Bear Stearns analyst Mark Schoenebaum at an outperform rating and a $98 price target after the company's non-GAAP earnings per share of $0.34 beat Bear Stearns' estimate of $0.32 with revenues of $1.9 billion beating Bear Stearns' and consensus estimates. Herceptin, Rituxin and royalty revenues led the way while U.S. Avastin sales came in $5 million below consensus estimates. The rating outperform is justified, but Bear Stearns said it doesn't see massive upside for the company's stock. Shares of the South San Francisco, Calif., biotechnology company were down $4.12, or 4.41%, at $89.22 on volume of 13,443,400 shares versus the three-month running average of 3,339,770 shares. (NYSE: DNA)

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