UPDATE: Bank of America Downgrades Genomic Health on Lack of Catalysts

In a report published Tuesday, Bank of America analyst Derik de Bruin downgraded the rating on Genomic Health (NASDAQ: GHDX) from Buy to Neutral, and lowered the price target from $43.00 to $36.00.

In the report, Bank of America noted, “We are impressed by Genomic Health's scientific and commercial expertise as well as its execution to expand its tests' indications, launching new products, and broadening its geographic footprint. However, industry dynamics are also becoming increasingly more difficult due to competition, reimbursement, and regulatory pressures. As a result, we think that share appreciation may be limited over the next 12 months.”

Genomic Health closed on Monday at $32.97.