Genzyme Hosting Investor Luncheon Friday In New York

Piper Jaffray has published a research report on Genzyme Corporation

following 3Q earnings results that came in below consensus estimates while still exceeding expectations for sales. In the report, Piper Jaffray writes "Genzyme reported 3Q earnings below consensus but Cerezyme sales exceeded expectations, providing us some comfort in management's ability to return Cerezyme and Fabrazyme supply. 4Q EPS guidance implies 2011 EPS above $4.00, well above Street's $3.56. This potential upside combined with expectations for positive Phase III Campath data in MS could support a higher offer from SNY or another bidder; or at minimum, provide a floor in the low-to-mid $60s if SNY were to walk. The key now is execution, which has been lacking the past two years." Piper Jaffray maintains its Neutral rating and $74 price target. Genzyme Corporation closed yesterday at $72.11.