Market Overview

UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Myriad Genetics on New Medicare Code Values

Related MYGN
A Closer Look At 5 Heavily Shorted Stocks
Study Shows Prolaris Could Save Healthcare System $6B Over 10 Yrs.

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.

Latest Ratings for MYGN

DateFirmActionFromTo
Nov 2014Morgan StanleyInitiates Coverage onUnderperform
Aug 2014Credit SuisseMaintainsNeutral
Jun 2014MacquarieMaintainsNeutral

View More Analyst Ratings for MYGN
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Price Target Analyst Ratings

 

Related Articles (MYGN)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional