Piper Jaffray Reiterates Overweight on Gen-Probe

Piper Jaffray is out with its report today on Gen-Probe GPRO, reiterating Overweight. In its report, Piper Jaffray writes, "Our internet diligence reveals increasing search activity on the terms/phrases Trichomonas, STD Trichomonas, what is Trichomonas, and Trichomonas vaginalis, which we believe points to increased public awareness of this STD. As a reminder, Trichomonas is a parasitic STD with an estimated 11-12 million annual tests done in the U.S. Given LabCorp's recent adoption of Gen-Probe's Trichomonas assay, we believe Trichomonas represents potential upside to management's F2011 guidance ('couple million' contribution) as well as our modeled expectations ($6.1M). We reiterate our Overweight rating and $75 price target on GPRO shares and remain buyers at current levels." Shares of GPRO closed Monday at $61.00, up 3.41% from Friday's close.