Piper Jaffray Maintains Overweight Rating on Gen-Probe

According to Piper Jaffray, Gen-Probe GPRO Overweight rating is maintained. Piper Jaffray said that it recently completed round of channel checks suggest domestic CT/NG testing volume growth of 0.7% sequentially, higher than the -0.2% sequential CT/NG volume decline currently in its model, giving it incremental confidence in its 3Q11 Clinical Diagnostics estimate. “We are lowering our R&D spend assumptions for the quarter (was $29.7M, now $28.3M), which increases our EPS estimate to $0.54, in-line with current consensus expectations.” Gen-Probe closed yesterday at $58.93.