business

First Albany Says Buy OSI Pharmaceuticals and Genentech

Analyst David Webber says superiority of cancer drug Tarceva warrants a review of sales estimates for the drug

First Albany reiterates buy on OSI Pharmaceuticals (OSIP ) and Genentech (DNA ) following news on AstraZeneca's drug Iressa.

Analyst David Webber says he's reiterating his buy on OSI Pharmaceuticals and Genetech based on positive news for Tarceva, which was approved in November for the treatment of non-small cell lung cancer patients who have failed at least one round of chemotherapy.

He reiterates ratings following news that Tarceva's main competitor, Iressa, marketed by AstraZeneca, failed to meet the primary end-point of prolonging survival, vs. a placebo in a clinical trial.

Citing Tarceva's apparent superiority in clinical trials, he places his models of OSI Pharmaceuticals and Genentech under review along with his sales estimates for Tarceva.

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