UPDATE: Jefferies Assumes Coverage on Genomic Health at Hold Awaiting Profitability

In a report published Friday, Jefferies analyst Brandon Couillard assumed coverage on Genomic Health (NASDAQ: GHDX) with a Hold rating, and raised the price target from $32.00 to $35.00.

In the report, Jefferies noted, “We are assuming coverage of GHDX with a Hold rating and $35 price target. While GHDX has successfully executed on recent key pipeline opportunities, including the commercialization of its new Oncotype Dx prostate cancer test, we expect adoption to be modest initially and await greater conviction around the timing of a profitability / cash flow inflection, given numerous incremental investment priorities.”

Genomic Health closed on Thursday at $37.49.