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UPDATE: SunTrust Initiates Coverage on Myriad Genetics on Pricing Risk

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Myriad's Downside Case Might Not Matter

In a report published Friday, SunTrust Robinson Humphrey analyst Amit Hazan initiated coverage on Myriad Genetics (NASDAQ: MYGN) with a Reduce rating and $17.00 price target.

In the report, SunTrust Robinson Humphrey noted, “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.”

Myriad Genetics closed on Thursday at $24.57.

Latest Ratings for MYGN

DateFirmActionFromTo
Mar 2015Goldman SachsDowngradesNeutralSell
Mar 2015UBSInitiates Coverage onSell
Feb 2015Mizuho SecuritiesDowngradesBuyNeutral

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Posted-In: Amit Hazan SunTrust Robinson HumphreyAnalyst Color Initiation Analyst Ratings

 

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