Zacks Investment Research Lowers Genomic Health (GHDX) to Sell
Zacks Investment Research lowered shares of Genomic Health (NASDAQ:GHDX) from a hold rating to a sell rating in a research note released on Tuesday.
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.”
Other equities research analysts also recently issued reports about the company. Canaccord Genuity reissued a buy rating and issued a $35.00 price objective on shares of Genomic Health in a research note on Wednesday, September 27th. ValuEngine downgraded Genomic Health from a hold rating to a sell rating in a research note on Thursday, November 9th. BidaskClub raised Genomic Health from a sell rating to a hold rating in a research note on Tuesday, December 19th. William Blair downgraded Genomic Health from an outperform rating to a market perform rating in a research note on Wednesday, December 20th. Finally, Jefferies Group reissued a hold rating and issued a $34.00 price objective on shares of Genomic Health in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $31.71.
Genomic Health (GHDX) traded down $0.55 during trading hours on Tuesday, hitting $35.40. The company had a trading volume of 106,281 shares, compared to its average volume of 176,389. Genomic Health has a fifty-two week low of $26.37 and a fifty-two week high of $37.50. The firm has a market cap of $1,250.00, a price-to-earnings ratio of -272.31 and a beta of 0.65.
In other news, COO G Bradley Cole sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $31.47, for a total transaction of $157,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James J. Vaughn sold 1,379 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $32.51, for a total value of $44,831.29. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,717 shares of company stock valued at $2,158,232. Company insiders own 46.20% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC raised its stake in shares of Genomic Health by 5.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 8,051 shares of the medical research company’s stock worth $262,000 after purchasing an additional 441 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Genomic Health by 3.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,857 shares of the medical research company’s stock worth $516,000 after purchasing an additional 520 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Genomic Health by 11.4% during the 2nd quarter. Legal & General Group Plc now owns 6,932 shares of the medical research company’s stock worth $226,000 after purchasing an additional 710 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Genomic Health by 1.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 89,714 shares of the medical research company’s stock worth $2,921,000 after purchasing an additional 1,137 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Genomic Health by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 24,664 shares of the medical research company’s stock worth $803,000 after purchasing an additional 1,296 shares in the last quarter. 89.67% of the stock is owned by institutional investors.
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Genomic Health Company Profile
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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