Canaccord Genuity cut shares of Genomic Health (NASDAQ:GHDX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, AnalystRatings.com reports. They currently have $72.00 price objective on the medical research company’s stock, down from their prior price objective of $77.00.
“We are also lowering our price target from $77 to the deal price of $72. Our prior $77 PT used a 6.7x multiple on our 2021 revenue estimate of $540M. We note that our peer group (as of today) is trading at 6.7x our 2020 revenue estimates.”,” the firm’s analyst wrote.
A number of other research analysts also recently weighed in on GHDX. ValuEngine upgraded Genomic Health from a hold rating to a buy rating in a report on Saturday, July 27th. Deutsche Bank lowered their price target on Genomic Health from $80.00 to $55.00 and set a hold rating on the stock in a report on Thursday, May 30th. Piper Jaffray Companies downgraded Genomic Health from an overweight rating to a neutral rating in a report on Monday. Needham & Company LLC set a $69.00 price target on Genomic Health and gave the company a buy rating in a report on Wednesday, June 19th. Finally, JPMorgan Chase & Co. raised Genomic Health from an underweight rating to a neutral rating and lifted their price objective for the company from $60.00 to $72.00 in a research report on Monday. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Genomic Health currently has a consensus rating of Hold and a consensus price target of $65.44.
Genomic Health (NASDAQ:GHDX) last issued its quarterly earnings results on Monday, July 29th. The medical research company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07. Genomic Health had a return on equity of 20.41% and a net margin of 11.69%. The business had revenue of $114.14 million for the quarter, compared to the consensus estimate of $110.78 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. Genomic Health’s revenue for the quarter was up 19.4% compared to the same quarter last year. On average, equities research analysts expect that Genomic Health will post 1.5 EPS for the current year.
In related news, insider Steven Shak sold 50,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $51.38, for a total transaction of $2,569,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO G Bradley Cole sold 11,424 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.17, for a total value of $653,110.08. The disclosure for this sale can be found here. Insiders sold 152,025 shares of company stock valued at $8,175,806 in the last ninety days. Insiders own 31.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GHDX. Northwestern Mutual Wealth Management Co. increased its stake in Genomic Health by 166.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 790 shares of the medical research company’s stock valued at $55,000 after acquiring an additional 493 shares during the period. Manchester Capital Management LLC bought a new position in Genomic Health during the first quarter valued at about $56,000. Pearl River Capital LLC bought a new position in Genomic Health during the first quarter valued at about $70,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Genomic Health by 29.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,923 shares of the medical research company’s stock valued at $112,000 after acquiring an additional 441 shares during the period. Finally, Advisor Group Inc. increased its stake in Genomic Health by 34.9% during the fourth quarter. Advisor Group Inc. now owns 1,995 shares of the medical research company’s stock valued at $129,000 after acquiring an additional 516 shares during the period. 95.06% of the stock is owned by institutional investors and hedge funds.
Genomic Health Company Profile
Genomic Health, Inc, a healthcare company, provides clinically actionable genomic information to personalize cancer treatment decisions in the United States and internationally. The company develops and commercializes genomic-based clinical laboratory services that analyze the underlying biology of cancer, which allows physicians and patients to make individualized treatment decisions.
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