Genomic Health (NASDAQ:GHDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Genomic Health's sole reliance on the Breast Oncotype DX test is a concern. Moreover, the company’s rising operating expenses also pose challenges. However, over the past three months, Genomic Health has been trading above the broader industry. We are encouraged by the company witnessing a year-over-year rise in revenues, driven by solid performances in United States and internationally. Within prostate cancer, the Oncotype DX Genomic Prostate Score test received positive Local Coverage Determination to expand Medicare coverage by Palmetto GBA. The company also made positive developments for its Oncotype DX Breast Recurrence Score tests. Also, it established private coverage for the test in Germany.”
A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Genomic Health from a “neutral” rating to an “underweight” rating and set a $25.00 price objective for the company. in a research report on Wednesday, December 13th. Barclays restated a “sell” rating and set a $28.00 price objective on shares of Genomic Health in a research report on Monday, January 8th. Canaccord Genuity restated a “buy” rating and set a $39.00 price objective on shares of Genomic Health in a research report on Wednesday, November 15th. ValuEngine cut shares of Genomic Health from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Finally, William Blair cut shares of Genomic Health from an “outperform” rating to a “market perform” rating in a research report on Wednesday, December 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $32.33.
In other news, COO G Bradley Cole sold 5,000 shares of the stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $29.94, for a total value of $149,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kimberly J. Popovits sold 10,000 shares of the stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $34.99, for a total transaction of $349,900.00. The disclosure for this sale can be found here. Insiders sold 69,338 shares of company stock valued at $2,305,951 over the last quarter. Company insiders own 46.20% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. grew its holdings in shares of Genomic Health by 120.7% in the fourth quarter. Meeder Asset Management Inc. now owns 2,960 shares of the medical research company’s stock valued at $101,000 after purchasing an additional 1,619 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Genomic Health in the third quarter valued at about $138,000. Teacher Retirement System of Texas purchased a new stake in shares of Genomic Health in the fourth quarter valued at about $242,000. Jane Street Group LLC purchased a new stake in shares of Genomic Health in the third quarter valued at about $227,000. Finally, Virtu Financial LLC purchased a new stake in shares of Genomic Health in the fourth quarter valued at about $261,000. 89.81% of the stock is owned by hedge funds and other institutional investors.
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About Genomic Health
Genomic Health, Inc is a healthcare company that provides genomic-based diagnostic tests to personalize cancer treatment. The Company develops and commercializes genomic-based clinical laboratory services. The Company’s Oncotype IQ Genomic Intelligence Platform is consisted of its flagship line of Oncotype DX gene expression tests, as well as its Oncotype SEQ Liquid Select test.
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