Merrill keeps Genentech at neutral

Genentech Inc. was maintained at a neutral rating by Merrill Lynch analyst Eric Ende. The company is holding an analyst day on Friday, and Merrill does not expect any significant new data on Avastin, Herceptin, Rituxan or Tarceva. The company is expected to highlight key 2006 catalysts for Avastin in pancreatic and kidney cancer. The analyst believes management will update 2006 guidance as well as long-term growth projections for 2006 to 2010, possibly raising its long-term growth guidance to 25%, in line with street consensus. Shares of the South San Francisco biotherapeutic company were down 89 cents, or 1.07%, at $82.59 on volume of 2,887,500 shares versus the three-month running average of 3,263,280 shares. (NYSE: DNA)

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