NEW YORK (GenomeWeb News) - Investment bank Piper Jaffray today upgraded the stock of Genomic Health while downgrading its rating on Becton Dickinson.
It upgraded Genomic Health from "neutral" to "overweight."
The Redwood City, Calif.-based pharmacogenomic test maker yesterday announced the worldwide launch of its Oncotype Dx colon cancer test. The 12-gene expression test has been developed for assessing risk of disease recurrence in patients that have stage II colon cancer.
Genomic Health also published positive data on the new test that will be presented at an upcoming ASCO meeting.
Piper Jaffray maintained its 12-month price target of $22 on the firm's shares, but said that "recent pressure on the stock has created an attractive entry point."
Meanwhile, the investment bank downgraded the stock of Becton Dickinson to "neutral" from "overweight." Piper Jaffray said that it maintains a "favorable fundamental thesis" on BD, but said that its believes the firm's shares are fully valued and warrant a "neutral" rating.
The bank said its 12-month target for BD's stock is $78.
In early Friday trade on the Nasdaq, Genomic Health's shares were up 3 percent at $17.51.
Shares of BD were down 1 percent at $75.63 on the New York Stock Exchange.