Jefferies rates Genentech at buy

Genentech was given a buy rating by Jefferies & Co., Inc. analyst Adam Walsh on news that the company announced a temporary recruitment suspension in its international phase 3 trial for early-stage (post-surgical adjuvant) colon cancer. Jefferies does not view this as a major setback for Avastin development in early colon cancer. Shares of the South San Francisco, Calif., biotechnology company were down $1.92, or 2.30%, at $81.57 on volume of 3,945,700 shares versus the three-month running average of 3,283,140 shares. (NYSE: DNA)

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