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Biotech / Medical : analysts and calls -- B of A

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To: Icebrg who wrote (8)	5/19/2003 8:09:03 AM
From: Icebrg	Read Replies (1) of 33

This may very well become a "classic". :29AM Genentech cut to Sell at BofA (DNA) 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. In principle the analyst (Mike King?) did nothing wrong. There has been a lot of doubts surrounding Avastin. The share price fell more than 5 % last Friday on almost three times the normal volume. It must have been a very tempting moment to downgrade if the mind was set on an Avastin failure.

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