Morgan Stanley Cuts Stake in Genomic Health, Inc. (GHDX)
Morgan Stanley decreased its position in Genomic Health, Inc. (NASDAQ:GHDX) by 56.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 71,738 shares of the medical research company’s stock after selling 93,504 shares during the period. Morgan Stanley owned approximately 0.21% of Genomic Health worth $2,258,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. American International Group Inc. boosted its position in Genomic Health by 7.1% in the first quarter. American International Group Inc. now owns 11,505 shares of the medical research company’s stock worth $362,000 after buying an additional 765 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Genomic Health during the first quarter worth approximately $218,000. Nordea Investment Management AB increased its position in Genomic Health by 28.7% in the first quarter. Nordea Investment Management AB now owns 53,607 shares of the medical research company’s stock worth $1,688,000 after buying an additional 11,970 shares in the last quarter. Envestnet Asset Management Inc. increased its position in Genomic Health by 13.6% in the first quarter. Envestnet Asset Management Inc. now owns 8,282 shares of the medical research company’s stock worth $259,000 after buying an additional 993 shares in the last quarter. Finally, Airain ltd acquired a new position in Genomic Health during the first quarter worth approximately $285,000. Hedge funds and other institutional investors own 88.54% of the company’s stock.
Genomic Health, Inc. (GHDX) traded down 0.69% during trading on Friday, hitting $30.25. 53,888 shares of the stock were exchanged. Genomic Health, Inc. has a 52 week low of $25.77 and a 52 week high of $33.97. The firm’s 50-day moving average is $31.54 and its 200 day moving average is $31.34. The firm’s market cap is $1.05 billion.
Genomic Health (NASDAQ:GHDX) last released its quarterly earnings data on Tuesday, August 1st. The medical research company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $85.50 million for the quarter, compared to the consensus estimate of $86.08 million. Genomic Health had a negative net margin of 3.20% and a negative return on equity of 6.64%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.18) earnings per share. Analysts expect that Genomic Health, Inc. will post ($0.01) earnings per share for the current fiscal year.
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A number of research firms have recently commented on GHDX. Raymond James Financial, Inc. restated a “market perform” rating on shares of Genomic Health in a research note on Wednesday, May 3rd. They noted that the move was a valuation call. Jefferies Group LLC restated a “hold” rating and set a $33.00 price objective on shares of Genomic Health in a research note on Monday, June 12th. Zacks Investment Research downgraded shares of Genomic Health from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Canaccord Genuity reduced their price objective on shares of Genomic Health from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, August 15th. Finally, BidaskClub downgraded shares of Genomic Health from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $32.00.
In other Genomic Health news, insider James J. Vaughn sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $30.59, for a total transaction of $244,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Shak sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $33.27, for a total transaction of $166,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,642 shares of company stock valued at $1,356,731. 46.20% of the stock is owned by company insiders.
About Genomic Health
Genomic Health, Inc is a healthcare company that provides genomic-based diagnostic tests to personalize cancer treatment. The Company develops and commercializes genomic-based clinical laboratory services. The Company’s Oncotype IQ Genomic Intelligence Platform is consisted of its flagship line of Oncotype DX gene expression tests, as well as its Oncotype SEQ Liquid Select test.
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