Deutsche Bank Reiterates Buy, $74.50 PT on Gen-Probe

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Deutsche Bank reiterates its Buy rating and $74.50 target price on Gen-Probe (NASDAQ: GPRO) as FDA approves the company's PROGENSA PCA3 assay. Deutsche Bank says, "We view today's approval as an incremental positive and reaf‐firms our positive view on the company's ability to execute on the FDA timeline expectations. We note that the potential market for the PCA3 could be ~1.5 million patients, which could be a meaningful long‐term opportunity for GPRO (although we view the impact to FY12 as minor). Given our opti‐ mism for new products driving sustainable double digit growth, we reiterate our Buy rating of GPRO and PT of $74.50."GPRO closed at $67.61 a share yesterday.

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