UPDATE: Bank of America Initiates Coverage on Genomic Health at Buy; Personalized Medicine Action

Bank of America initiated its coverage on Genomic Health

with a Buy rating and a price target of $44 a share. Bank of America said, "We initiate Genomic Health (GHDX), a leading genomics based molecular diagnostics company, with a Buy rating and $44 price objective. With a strong track record for innovation and execution, we are positive on Genomic Health's initiatives to drive top line growth from its existing breast and colon cancer diagnostic tests, and the potential new prostate cancer test. Over the next four years we project 17% sales CAGR & accelerating profitability, including a 24% upside to consensus EPS in calendar 2014." Genomic Health closed at $34.30 on Wednesday.