Oppenheimer Initiates GPRO At Perform, $71 PT

Oppenheimer is initiating coverage of Gen-Probe Inc. GPRO with a Perform rating and $71 price target.

“GPRO is a pioneering molecular diagnostics company on the verge of an exciting product cycle with both menu expansion and a new instrument launch,” Oppenheimer writes. “GPRO is expecting FDA action on three molecular tests including Trichomonas, Progensa PCA3, and Aptima HPV.

“In addition, GPRO has launched a new instrument, Panther, in the EU and will submit to the FDA in 2011 which should help the company to access the mid-volume level of the hospital lab market.
Currently, we believe that GPRO shares largely incorporate positive outcomes from the numerous catalysts it could experience in 2011, thus our Perform rating.”

Gen-Probe closed today at $62.93.