JMP reiterates Genomic at outperform

Genomic Health Inc. was reiterated at market outperform with a $19 price target by JMP Securities analyst Charles C. Duncan as the company's first-quarter 2006 results beat JMP's and consensus estimates on both the top and bottom lines. Positive reimbursement policies lead to increased physician adoption of the Oncotype DX test during the quarter (2,900 tests billed versus JMP's projected 2,100). The analyst raised its 2006 revenue expectations to $22.2 million from $16.0 million, and decreased its projected net loss in 2006 to $1.48 from $1.52 per share. Shares of the Redwood City, Calif., biotechnology company were up $0.36, or 3.37%, at $11.03 on volume of 280,432 shares versus the three-month running average of 104,018 shares. (Nasdaq: GHDX)

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