analysts and calls -- ML Message Board

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Biotech / Medical : analysts and calls -- ML

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From: Doc Bones	10/3/2005 4:19:18 PM
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Genentech Could Beat Q3 Earnings Estimates Peter Kang, 10.03.05, 12:20 PM ET Merrill Lynch said Genentech (nyse: DNA ) could see better-than-expected earnings for the third quarter on strong sales of Avastin and Herceptin. "We believe reimbursement of off-label uses of Avastin in lung and breast cancer and Herceptin in adjuvant breast cancer are occurring more than expected and could continue to drive upside in the fourth quarter," said Merrill Lynch. "Rituxan sales also look strong and could beat estimates, but NDC data indicates that Tarceva sales may fall shy of consensus $84 million by $5 million to $7 million." The research firm maintained a "buy" rating on Genentech with a price target of $103. "Our analysis of Genentech's valuation and growth prospects faces several risks," said Merrill Lynch. "Multiples have been adjusting across pharmaceutical and biotechnology stocks over the last several quarters to reflect a more-conservative FDA environment and increased risk related to product approvals and recalls." Elsewhere in the biotechnology sector, Merrill Lynch said Amgen (nasdaq: AMGN - news - people ) will likely post in-line earnings as the company's franchise drugs Epogen/Aranesp and Neupogen/Neulasta "remain solid." The research firm maintained a "buy" rating and $104 price target on the stock. Merrill Lynch also rates the following companies at "buy": Cubist Pharmaceuticals (nasdaq: CBST ), MGI Pharma (nasdaq: MOGN ), Myriad Genetics (nasdaq: MYGN ) and Protein Design Labs. (nasdaq: PDLI ) forbes.com

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