Genomic Health Inc. (NASDAQ:GHDX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $33.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 12.67% from the stock’s current price.
According to Zacks, “Genomic Health continues to experience strong test volume as well as revenue growth, across its global region. However, in the last reported second quarter 2016, gross margin continued to be weak as the company has been witnessing for the past few quarters. Additionally, fluctuations in the price of the marketable security continued to hamper the stock, which is expected to remain for the rest of 2016. Nevertheless, we are optimistic about the fact that despite a huge rise in cost of sales, the gross margin decline was comparatively moderate, on the back of a higher pace of revenue growth.”
A number of other equities analysts have also issued reports on GHDX. Canaccord Genuity reiterated a “buy” rating and issued a $38.00 target price on shares of Genomic Health in a research report on Friday, August 5th. Bank of America Corp. set a $28.00 target price on shares of Genomic Health and gave the company a “sell” rating in a research report on Wednesday, August 3rd. Jefferies Group increased their target price on shares of Genomic Health from $25.00 to $27.00 and gave the company a “hold” rating in a research report on Wednesday, August 17th. Finally, Leerink Swann reiterated a “buy” rating on shares of Genomic Health in a research report on Tuesday, June 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. Genomic Health has a consensus rating of “Hold” and a consensus target price of $32.50.
Genomic Health (NASDAQ:GHDX) traded up 0.99% during trading on Tuesday, hitting $29.58. 72,691 shares of the stock were exchanged. The firm’s market cap is $986.37 million. Genomic Health has a 12-month low of $20.05 and a 12-month high of $35.79. The stock’s 50-day moving average price is $27.62 and its 200-day moving average price is $27.00.
Genomic Health (NASDAQ:GHDX) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.18) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.18). Genomic Health had a negative net margin of 8.84% and a negative return on equity of 21.02%. The business had revenue of $81.97 million for the quarter, compared to analysts’ expectations of $81.27 million. During the same quarter last year, the company earned ($0.29) EPS. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. On average, equities analysts expect that Genomic Health will post ($0.47) EPS for the current year.
In other Genomic Health news, COO G Bradley Cole sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $26.64, for a total value of $133,200.00. Following the completion of the transaction, the chief operating officer now directly owns 40,426 shares in the company, valued at $1,076,948.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James J. Vaughn sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $28.74, for a total transaction of $86,220.00. The disclosure for this sale can be found here. 47.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new position in shares of Genomic Health during the first quarter valued at approximately $15,639,000. Ghost Tree Capital LLC purchased a new position in shares of Genomic Health during the second quarter valued at approximately $5,179,000. Renaissance Technologies LLC boosted its position in shares of Genomic Health by 54.0% in the first quarter. Renaissance Technologies LLC now owns 446,021 shares of the company’s stock valued at $11,048,000 after buying an additional 156,421 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Genomic Health during the second quarter valued at approximately $1,983,000. Finally, State Farm Mutual Automobile Insurance Co. boosted its position in shares of Genomic Health by 21.9% in the second quarter. State Farm Mutual Automobile Insurance Co. now owns 317,240 shares of the company’s stock valued at $8,215,000 after buying an additional 57,059 shares during the last quarter. Institutional investors own 88.92% of the company’s stock.
About Genomic Health
Genomic Health, Inc is a healthcare company, which provides genomic-based diagnostic tests for the treatment of early stage cancer. The Company offers its Oncotype DX tests as a clinical laboratory service, where it analyzes the expression levels of genes in tumor tissue samples and provides physicians with a quantitative gene expression profile expressed as a single quantitative score, which it calls a Recurrence Score for invasive breast cancer and colon cancer, a DCIS Score for ductal carcinoma in situ (DCIS) and a Genomic Prostate Score for prostate cancer.
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