J.P. Morgan Reinstates Underweight Rating on Myriad Over LT Outlook Concerns
J.P. Morgan analyst Tycho Peterson reinstated an Underweight rating and $25.00 price target on Myriad Genetics Inc. (NASDAQ: MYGN) following the period of restriction related to the $270 million acquisition of Crescendo.
Peterson commented, "Our concerns over the longer-term outlook for pricing and ability to hold share within the core BRCA (soon to be myRisk) business remain unchanged, as highlighted in our proprietary physician survey, while in the near-term, we acknowledge several offsets stemming from high short interest (~52%), ongoing share buybacks (3.2M shares in F2Q) and an increased focus on diversification (Crescendo, Prolaris, PARP inhibitors), which could provide downside protection over the next several quarters."
Shares of Myriad Genetics Inc. closed at $32.87 on Friday. The stock is currently up 2.25% at $33.61.
Latest Ratings for MYGN
|Aug 2014||Credit Suisse||Maintains||Neutral|
|May 2014||Credit Suisse||Maintains||Neutral|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.