Genzyme maintains buy rating from Jefferies

Genzyme Corp. was maintained at a buy by Jefferies & Co., Inc. analyst Adam Walsh. Jefferies attributes product-specific issues and increased operating spending for the company's first-quarter downside. Myozyme approval is expected later this month with a broad label that includes adults. The analyst lowered his price target to $79 from $81. Genzyme reported non-GAAP first-quarter earnings per share of $0.59, $0.05 below Jefferies' estimate and $0.04 below consensus. Shares of the Cambridge, Mass., biotechnology company were up $1.22, or 2.01%, at $61.87 on volume of 6,915,139 shares versus the three-month running average of 2,328,690 shares. (Nasdaq: GENZ)

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