Genentech (DNA) NewsBite - DNA Rises as Competing Drug Fails

Posted on Monday, June 30, 2008 10:58 AM Genentech (DNA) opened at $73.53. So far today the stock has hit a low of $73.53 and a high of $74.81. DNA is now trading at $74.78, up 2.06 (2.83%). After hitting a one-year low of $65.35 in December, the stock hit a one-year high of $82.20 in March. Shares of DNA are rising today after competitors Myriad Genetics and Lundbeck's Flurizan, an experimental drug for Alzheimer's disease, failed to help patients in a clinical test. Myriad said afterwards that it will discontinue development of the drug. This could be good news for DNA, who has an Alzheimer's drug in its pipeline. Technical indicators for DNA are neutral but improving, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider a September bull-put credit... [read full story]