William Blair reinitiates Genentech coverage at market perform

Genentech Inc. coverage was reinitiated by William Blair & Co. analyst John Sonnier with a market perform rating. Sonnier said that with a focus on development of drugs for treating cancer and inflammatory diseases, the company's stock is the best growth stock in the large-cap biotechnology arena, but its valuation warrants a market perform rating. Shares of the South San Francisco biotechnology company were up $0.79, or 0.85%, at $93.90 on volume of 2,261,900 shares versus the three-month running average of 3,987,210 shares.

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