Genentech still buy, Jefferies says

Genentech Inc. was maintained by Jefferies & Co., Inc. analyst Adam A. Walsh at a buy rating on news that the company submitted its BLA for Lucentis to treat wet age-related macular degeneration. Timing of this filing is in line with expectations. If it receives the fast-track status it seeks, the drug could be approved within six months. But, off-label use of Avastin for macular degeneration could moderate Lucentis sales, Jefferies said. On Dec. 30, shares of the South San Francisco, Calif., biotechnology company were up 44 cents, or 0.48%, at $92.50 on volume of 2,357,900 shares versus the three-month running average of 3,504,990 shares.

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