UPDATE: Goldman Sachs Downgrades Myriad Genetics to Neutral, Lowers PT
In a report published Monday, Goldman Sachs Group downgraded its rating on Myriad Genetics (NASDAQ: MYGN) from CL-Buy to Neutral, and lowered its price target from $34.00 to $26.00.
Goldman Sachs noted, “On November 30, 2012 the Supreme Court of the United States (SCOTUS) agreed to hear the case against MYGN (Association for Molecular Pathology v. Myriad Genetics, Inc., et al.) relating to the patentability of genes. Given this overhang, we downgrade MYGN shares to Neutral as our previous Buy thesis is now impaired. Since being added to the Americas Buy List on July 2, 2012, shares are up 13.6% versus the S&P 500 up 3.7% given better than expected revenue and EPS growth. Over the past 12 months, shares have risen 35.2% versus the S&P 500 up 13.6%.”
Myriad Genetics closed on Friday at $28.72.
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