Merrill keeps Genentech at buy

Merrill Lynch analyst Eric Ende maintained Genentech Inc. at a buy after the company stopped a phase 3 trial of Avastin in pancreatic cancer due to lack of efficacy. While disappointing, the outcome does not change the analyst's view of Avastin's revenue potential because pancreatic cancer represents less than 2% to 3% of the drug's sales potential and its use in combination with Tarceva in pancreatic cancer is still possible. Shares of the South San Francisco, Calif.-based biotherapeutic company were down $1.22, or 1.54%, at $77.89 on volume of 3,163,900 shares versus the three-month running average of 3,436,760 shares. (NYSE: DNA)

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