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Biotech / Medical : analysts and calls -- B of A -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (21)	5/19/2003 12:22:46 PM
From: Icebrg	Respond to of 33

[Ok, Ok - we were a little bit unlucky there. How about 73 dollars?] 6:12 pm Genentech upgraded at BofA (DNA) 53.32 +15.42: -- Update -- In a note entitled "Holy Cow! Our Timing Couldn't Have Been Worse", Banc of America reversed themselves and upgraded DNA to Buy from Sell following this morning's surprise Avastin news (see the 7:17 comment for the news and 7:29 for BofA's pre-open downgrade); firm says each $100 mln in Avastin sales equates to roughly $0.10 per share, and believes Avastin possesses billion-dollar potential, will enjoy rapid adoption, and should enjoy several years free from competition (CEPH, IMCLE, REGN, AZN, NVS, and MEDI have competing drugs in Phase I/II testing). Raises price target to $73 from $30.