UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Myriad Genetics on New Medicare Code Values
In a report published Monday, Jefferies reiterated its Buy rating on Myriad Genetics (NASDAQ: MYGN), but lowered its price target from $33.00 to $31.00.
Jefferies noted, “Noridian, MYGN's designated Medicare contractor, released the highly anticipated new molecular pathology reimbursement codes for CY13. The new codes suggest an 8% decrease and a 14% increase for MYGN's BRACAnalysis and COLARIS tests, respectively, relative to current commercial reimbursement rates. We are trimming our FY14 EPS forecast to $1.60 (from $1.65) on the disclosure. Our PT moves to $31 (from $33) on lower cash flow forecasts.”
Myriad Genetics closed on Friday at $25.46.
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