Gen-Probe (GPRO) Target Cut at Canaccord Genuity

Gen-Probe (GPRO) received a “hold” reiteration today from securities research analysts at investment firm Canaccord Genuity.  The firm originally believed that Gen-Probe was a “takeover candidate” of Novartis, which no longer looks to be the case.  As a result, Canaccord retains “hold” on GPRO and cuts their former price target performance outlook of $88 to $75 dollars.

Shares of GPRO slipped further during intraday trading and has been unable to post a daily gain for three consecutive trading days now.  Support is located at the $64.65 price level which was last touched on June 20th, 2011.  Shares did in fact tread close to support during today’s intraday session, but stopped short at $64.73 at its lowest point.

Gen-Probe is slated to release their next earnings report on July 28th, 2011, and is estimated to post EPS of 50 cents.  Their last earnings report was released on April 28th, 2011, and announced EPS of 54 cents with revenue totaling $143.0 million which was up 5.6% year to year.  GPRO is currently trading between its 50 & 200-day moving averages and 2011 is currently an [ up / down ] year for the company.

Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective molecular diagnostic products and services that are used primarily to diagnose human diseases, screen donated human blood, and ensure transplant compatibility.  The company has market capitalization of $3,141,159,840 and 47,942,000 shares outstanding.  GPRO has a 52-week high of $86.96 with the low being an even $42 dollars.

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