Myriad Genetics Coverage Initiated at SunTrust (MYGN)
Equities research analysts at SunTrust assumed coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm set a “reduce” rating and a $17.00 price target on the stock. SunTrust’s price target points to a potential downside of 30.81% from the stock’s previous close.
The analysts wrote, “Our due diligence leads us to believe that the most imminent threat from new competitors for BRACAnalysis is not market share loss, but pricing pressures. We believe private insurer re-evaluation is currently ongoing on a broad scale and could realistically drive the price down by as much as 50% over the next two years. The Street’s sales growth expectations for both FY14 and FY15 imply little to no pricing pressure, and we view that as a significant risk. The recent CMS reduction of COLARIS reimbursement by 46% is a good proxy here.”
MYGN has been the subject of a number of other recent research reports. Analysts at Ladenburg Thalmann upgraded shares of Myriad Genetics from a “neutral” rating to a “buy” rating in a research note to investors on Tuesday, October 1st. They now have a $28.00 price target on the stock. Separately, analysts at Ned Davis Research downgraded shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a research note to investors on Monday, September 30th. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Myriad Genetics in a research note to investors on Thursday, September 19th. They now have a $27.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $32.79.
Shares of Myriad Genetics (NASDAQ:MYGN) traded down 5.47% during mid-day trading on Thursday, hitting $23.225. 2,109,132 shares of the company’s stock traded hands. Myriad Genetics has a 1-year low of $22.61 and a 1-year high of $38.27. The stock has a 50-day moving average of $26.08 and a 200-day moving average of $28.37. The company has a market cap of $1.868 billion and a price-to-earnings ratio of 13.88.
Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 13th. The company reported $0.53 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.44 by $0.09. The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $159.87 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 30.9% on a year-over-year basis. Analysts expect that Myriad Genetics will post $1.91 EPS for the current fiscal year.
Myriad Genetics, Inc (NASDAQ:MYGN) is a molecular diagnostic company.
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