Genzyme has announced a cure for the common stock: a 2-for-1 split

During regular trading today, Genzyme General Division (Nasdaq:GENZ) announced the Board of Director's approval of the Company's second two-for-one stock split on its common stock. The payable date is set for June 1, 2001 to shareholders on record as of May 24, 2001.

Final execution of the split is pending the results of the annual shareholder meeting on May 31 whereby shareholders will vote to increase the number of authorized shares to 5 million. Genzyme currently has approximately 95.9 million shares outstanding and 74.8 million shares in the float.

As released last Thursday, Genzyme beat earnings estimates by 5 cents and posted record profits of 0.55 EPS, or $55.6 million for first quarter.

Additionally, JP Morgan announced earlier today that it has initiated coverage on GENZ, with a long-term buy rating and a price target of $120.

GENZ shares closed up +2.48 to $103.53 on heavy volume of 4.2 million shares; volume on the 3-month average is 2.5 million and shares have a 52-week range of $40.38 - $108.96.

Genzyme General Division is currently a SplitTrader.com candidate and analysts will continue to monitor the stock for any play opportunities for the duration of the split run. Please check back for updates.

About the Company:

Genzyme General develops and markets therapeutic products and diagnostic products and services, with an emphasis on therapies for genetic diseases. Genzyme General primarily consists of two business units, Therapeutics and Diagnostics. Genzyme General is a division of Genzyme Corporation and has its own common stock intended to reflect its value and track its financial performance. (Company Press Release)

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