JMP starts coverage of Genomic Health at market outperform

Genomic Health Inc. coverage was initiated by JMP Securities analyst Charles C. Duncan with a market outperform rating and a $16 price target. The company's first marketed product, Oncotype, is a tool used to determine the potential for disease recurrence and is being used to guide therapy decisions in early breast cancer. JMP said it believes publications from clinical trials validating quantitative gene-based prognostic information could drive relatively rapid adoption by doctors and third-party payors, pushed by the need to reduce the economic burden of treating cancer. Shares of the Redwood City, Calif., oncology-based biotechnology company were up $0.01, or 0.10%, at $10.36 on volume of 231,868 shares versus the three-month running average of 114,240 shares.

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