Biotech firm Genentech Inc. (DNA: sentiment, chart, options) unveiled its third-quarter earnings after the close last night, and the results have sparked a flurry of activity among analysts today. The company reported a profit of $731 million, or 68 cents per share; excluding items, earnings arrived at 81 cents per share. Revenue for the period jumped 17% to $3.41 billion. The results were mixed, as analysts predicted a per-share profit of 88 cents on revenue of $3.36 billion.

Sales of Avastin, DNA's drug for lung, breast, and colorectal cancer, were particularly robust. The drug raked in sales of $704 million for the quarter, blowing past analysts' estimates for $688 million in revenue. Additionally, the company's Herceptin breast-cancer drug garnered sales of $368 million, surpassing expectations of $345 million.

In response to the news, DNA has attracted a slew of upgrades and price-target cuts. Piper Jaffray raised the stock from "neutral" to "buy," Citigroup upped the shares from "hold" to "buy," and Cowen boosted the equity from "neutral" to "outperform." As for the target cuts, Lazard trimmed its DNA price target from $105 to $98 and backed its "buy" recommendation, while S&P Equity Research slashed its estimate from $106 to $95 and reiterated its own "buy" opinion.

In an note to clients, Piper Jaffray said that DNA's current valuation is compelling, "even if an acquisition [by Roche] were not to be consummated." Genentech previously rebuffed Roche's $89-per-share buyout bid as insufficient; today, the stock is up more than 2% at $81.