RBC downgrades Genitope to sector perform

Genitope Corp. was downgraded to sector perform, speculative risk, from outperform by RBC Capital Markets analyst Jason Kantor on expectations that the stock will trade near its cash value of $3 per share. The lack of near-term news flow and skepticism surrounding the final results of the MyVax phase 3 trial will likely keep Genitope shares from trading much higher. Shares of the Redwood City, Calif.-based biotechnology company were down $2.71, or 48.57%, at $2.87 on volume of 7,554,940 shares versus the three-month running average of 324,645 shares. (Nasdaq: GTOP)

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