Genomic Health (NASDAQ:GHDX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, January 9th.
According to Zacks, “Overall, in the past three months, Genomic Health has been trading above the broader industry. We note that, Genomic Health exited the third quarter of 2017 on a mixed note with earnings ahead of the Zacks Consensus Estimate and revenues missing the mark. However, we are encouraged by the 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. On the flip side, the company’s sole reliance on the Breast Oncotype DX test is a concern. We are concerned about the company’s rising operating expenses as well.”
Several other analysts also recently commented on the stock. 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. William Blair cut shares of Genomic Health from an “outperform” rating to a “market perform” rating in a research note on Wednesday, December 20th. BidaskClub raised shares of Genomic Health from a “sell” rating to a “hold” rating in a research note on Tuesday, December 19th. ValuEngine raised shares of Genomic Health from a “sell” rating to a “hold” rating in a research note on Friday, December 15th. Finally, JPMorgan Chase & Co. cut shares of Genomic Health from a “neutral” rating to an “underweight” rating and set a $25.00 target price for the company. in a research note on Wednesday, December 13th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.33.
Genomic Health (NASDAQ GHDX) traded down $0.66 on Tuesday, reaching $32.58. 121,871 shares of the company’s stock traded hands, compared to its average volume of 147,137. Genomic Health has a fifty-two week low of $26.54 and a fifty-two week high of $37.50.
Genomic Health (NASDAQ:GHDX) last announced its quarterly earnings data on Wednesday, November 8th. The medical research company reported $0.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.04. The firm had revenue of $83.82 million for the quarter, compared to the consensus estimate of $87.06 million. Genomic Health had a negative net margin of 1.30% and a negative return on equity of 1.79%. sell-side analysts predict that Genomic Health will post -0.08 EPS for the current fiscal year.
In related news, CEO Kimberly J. Popovits sold 20,000 shares of Genomic Health stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $31.50, for a total transaction of $630,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO G Bradley Cole sold 5,000 shares of Genomic Health stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $35.51, for a total transaction of $177,550.00. The disclosure for this sale can be found here. Insiders sold a total of 74,338 shares of company stock valued at $2,463,301 over the last three months. Corporate insiders own 46.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Genomic Health by 6.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,670,622 shares of the medical research company’s stock worth $54,379,000 after purchasing an additional 106,452 shares during the period. Renaissance Technologies LLC lifted its holdings in Genomic Health by 10.9% during the 2nd quarter. Renaissance Technologies LLC now owns 813,300 shares of the medical research company’s stock valued at $26,473,000 after buying an additional 80,100 shares in the last quarter. State Street Corp lifted its holdings in Genomic Health by 2.5% during the 2nd quarter. State Street Corp now owns 517,313 shares of the medical research company’s stock valued at $16,840,000 after buying an additional 12,696 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Genomic Health by 1.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 503,244 shares of the medical research company’s stock valued at $16,150,000 after buying an additional 5,904 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Genomic Health by 26.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 370,806 shares of the medical research company’s stock valued at $12,070,000 after buying an additional 76,758 shares in the last quarter. 89.75% 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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