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Biotech / Medical : Biotech Valuation

CRSP 54.66

-1.5%

Jan 26 3:59 PM EST

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To: Icebrg who wrote (8399)	5/19/2003 7:59:18 AM
From: Doc Bones	Read Replies (2) of 52153

07:29 ET DNA Genentech cut to Sell at BofA (37.90) -- Update -- In a case of what seems to be unfortunate timing (see 7:17 comment on positive Avastin data), Banc of America downgraded DNA to Sell from Neutral based on Avastin concerns; firm believed that DNA's Avastin Phase III trial in colorectal cancer, "due out this summer," has a significant possibility of not showing a statistically significant improvement in survival; cuts target to $30 from $34. I wonder if this might have been available to some clients on Friday. Seems to be bad timing, as they say. Or it could have been a reaction to Friday's dump also. Doc

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