Genomic Health, Inc. (GHDX) Raised to Hold at Zacks Investment Research
Genomic Health, Inc. (NASDAQ:GHDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Genomic Health continues to experience strong growth in its cancer scores. Moreover, the company recently announced expanded Medicare coverage of the Oncotype DX Genomic Prostate Score test. Recently, the company presented favorable results related to its Oncotype DX tests. The company is also witnessing healthy progress with regard to establishing coverage of its breast cancer test. We are also encouraged by declining cost of sales combined with gross margin expansion, on account of higher revenue growth. On the flip side, over the past three months, Genomic Health has been trading below the broader industry. Moreover, the company’s rising operating losses continue to be a concern. Its sole reliance on profitability of Breast Oncotype DX test is another concern”
Several other research firms also recently weighed in on GHDX. Cowen and Company restated a “hold” rating and issued a $34.00 price target on shares of Genomic Health in a research note on Friday, September 1st. BidaskClub upgraded Genomic Health from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Canaccord Genuity dropped their price target on Genomic Health from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, August 15th. Piper Jaffray Companies restated a “hold” rating and issued a $31.00 price target on shares of Genomic Health in a research note on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $33.00 price target on shares of Genomic Health in a research note on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.83.
Genomic Health (NASDAQ:GHDX) last posted its quarterly earnings results on Tuesday, August 1st. The medical research company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.02). Genomic Health had a negative return on equity of 4.33% and a negative net margin of 1.50%. The business had revenue of $85.50 million during the quarter, compared to the consensus estimate of $86.08 million. During the same quarter in the previous year, the company earned ($0.18) earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year.
In other news, insider Phillip G. Febbo sold 3,174 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $33.57, for a total transaction of $106,551.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO G Bradley Cole sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $31.93, for a total value of $159,650.00. The disclosure for this sale can be found here. Insiders have sold a total of 36,174 shares of company stock valued at $1,129,171 over the last quarter. Corporate insiders own 46.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GHDX. Pacad Investment Ltd. bought a new position in shares of Genomic Health during the 4th quarter valued at approximately $118,000. Dubuque Bank & Trust Co. bought a new position in shares of Genomic Health during the 1st quarter valued at approximately $142,000. Bank of Montreal Can bought a new position in shares of Genomic Health during the 2nd quarter valued at approximately $187,000. Legal & General Group Plc boosted its position in shares of Genomic Health by 48.7% during the 1st quarter. Legal & General Group Plc now owns 6,222 shares of the medical research company’s stock valued at $196,000 after acquiring an additional 2,038 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Genomic Health by 37.8% in the second quarter. SG Americas Securities LLC now owns 6,122 shares of the medical research company’s stock worth $199,000 after buying an additional 1,679 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.
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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