Can A Genentech Upgrade Fix Its Woes? (DNA)
This morning shares of Genentech (DNA-NYSE) are trading up 1.3% at just under $76.00 after a Deutsche Bank upgrade on the stock. Shares closed at $74.90 yesterday and even traded as low as $74.32 intraday. Both levels marked lows for…
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This morning shares of Genentech (DNA-NYSE) are trading up 1.3% at just under $76.00 after a Deutsche Bank upgrade on the stock. Shares closed at $74.90 yesterday and even traded as low as $74.32 intraday. Both levels marked lows for the last 52-weeks, but this is actually a critical juncture because the stock broke a two-year low since their was no ‘wow-effect’ at all this year from teh ASCO conference last weekend.
The Deutsche Bank upgrade this morning from a ‘Hold’ to ‘Buy’ is based on discount valuations and upon treatments for colon cancer, MS, and lupus. The 12-month target is somewhat in-line with many of the older ‘buy’ targets from Wall Street and is listed as $95.00.
With Congress looking for ways to scalp biotech drug prices, with an election coming up, and with a chart that is looking like a weak pulse in the ICU one just has to wonder if this upgrade will really change much. Stocks that trade at a discount usually do so for a reason.
Jon C. Ogg
June 8, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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