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Gerard Klauer Keeps 'Neutral' on Genzyme

Gerard Klauer keeps its neutral rating on Genzyme (GENZ).

Analyst Thomas Shrader says the stock is being punished on an earnings warning, but adds that investors chose the wrong day to be modest. Shrader says 2003 is a building year: Genzyme is building to launch Fabry disease drug Fabrazyme, and enzyme replacement drug Aldurazyme. While these new products are similar to Cerezyme, they will need an augmented sales force. Genzyme is also building for the European push of Renagel, a drug for dialysis patients.

Shrader's belief is that just about nothing good has to happen in 2003 for the company to hit this conservative guidance, yet at the same time, many good things are possible. Shrader doesn't own Genzyme, and Gerard Klauer does not have a banking relationship with the company.

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