RBC reiterates Genentech at outperform

RBC Capital Markets analyst Jason Kantor reiterated Genentech, Inc. at an outperform rating, average risk, after the company posted second-quarter sales lower than RBC's consensus expectations. Solid sales growth and conservative expense guidance will further drive strong earnings per share in 2006-2007. Second-quarter pro forma earnings per share of $0.56 were ahead of RBC's estimate of $0.49 and consensus of $0.47. 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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