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In a report published Tuesday, Bank of America analyst Derik de Bruin downgraded the rating on
Genomic HealthGHDX from Neutral to Underperform, and lowered the price target from $36.00 to $33.00.
In the report, Bank of America noted, “While we are impressed by GHDX's execution and are positive on the opportunity for the company's new prostate cancer test, we believe it will take time to educate physicians and secure reimbursement. In addition, industry dynamics are also becoming more difficult due to (1) increasing competition in GHDX's core breast cancer recurrence testing market, (2) greater oversight as the FDA again considers regulating lab developed tests (LDTs), and (3) potential reimbursement pressures. As such, we see limited upside potential to the current 2014 consensus forecasts and thus downgrade shares to Underperform from Neutral.”
Genomic Health closed on Monday at $30.58.
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