Jefferies raises Genentech earnings forecast

Jefferies International Ltd. analyst Adam Walsh raised his third-quarter earnings per share estimates to $0.31 from $0.29 for Genentech Inc. and reiterated a buy rating with a price target of $98 per share. The move comes ahead of what Jefferies said will be a strong quarter for the biopharmaceutical company. Jefferies said it believes Genentech's acceleration of off-label use of Avastin in lung cancer and Herceptin in breast cancer will drive better than expected earnings growth. Shares of the South San Francisco, Calif.-based company were down $0.11, or 0.14%, at $81.15 on volume of 5,727,800 shares versus the three-month running average of 3,985,010 shares.

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