Under the determination, which will become final following publication in Germany's Federal Gazette, Oncotype DX becomes the only multigene test nationally reimbursed in Germany for its target population early-stage breast cancer patients.
The investment bank cited management confidence in US and European test growth as meriting the upgrade, which was necessary to maintain a current $72 price target on the firm's stock.
Meeting presentations supported tweaking the clinical interpretation of Genomic Health's Oncotype DX and bolstered Biotheranostics' Breast Cancer Index.
The randomized data continue to distinguish Genomic Health's test for node-negative women, while new questions come to the fore node-positive disease and other areas of clinical care.
The company's total revenue for the three months ended March 31 was $108.8 million compared to $92.6 million in the first quarter of 2018, exceeding analyst expectations.
The number of gainers outpaced decliners 21 to six, and the index outpaced the Dow Jones Industrial Average, the Nasdaq Composite, and the Nasdaq Biotech.
The company can now perform the test on samples from New York residents with advanced prostate cancer to help guide the choice of either hormonal or chemotherapy.
A study questioned the cost-effectiveness of the test in clinically low-risk women, but the firm stressed that a wealth of evidence continues to support its use under current guidelines.
