Genentech maintained at neutral by Merrill

Genentech Inc. was maintained at neutral by Merrill Lynch analyst Eric Ende. Glaxo reported that a phase 3 trial testing chemotherapy plus Tykerb, which is a potential oral competitor to Genentech's Herceptin, was halted early because it showed a better than 50% improvement in time-to-tumor progression versus chemo alone. While Herceptin is entrenched in the breast cancer market, with $1.25 billion of sales expected in 2006, competitive risk is rising. Shares of the South San Francisco biotechnology company were down $1.77, or 2.09%, at $82.81 on volume of 3,262,400 shares versus the three-month running average of 3,444,180 shares. (NYSE: DNA)

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