SunTrust began coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report issued on Thursday, TheFlyOnTheWall.com reports. The firm issued a reduce rating and a $17.00 target price on the stock.
“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.,” the firm’s analyst commented.
Myriad Genetics (NASDAQ:MYGN) traded up 3.07% on Thursday, hitting $23.47. The stock had a trading volume of 1,104,411 shares. Myriad Genetics has a one year low of $22.20 and a one year high of $38.27. The stock’s 50-day moving average is $25.92 and its 200-day moving average is $28.35. The company has a market cap of $1.888 billion and a price-to-earnings ratio of 12.86. Myriad Genetics also was the recipient of unusually large options trading activity on Friday. Stock investors purchased 10,057 put options on the company. This represents an increase of approximately 190% compared to the typical daily volume of 3,465 put options.
Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 13th. The company reported $0.53 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.44 by $0.09. The company had revenue of $174.10 million for the quarter, compared to the consensus estimate of $159.87 million. During the same quarter in the prior year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 30.9% on a year-over-year basis. On average, analysts predict that Myriad Genetics will post $1.91 earnings per share for the current fiscal year.
A number of other firms have also recently commented on MYGN. Analysts at Ladenburg Thalmann upgraded shares of Myriad Genetics from a neutral rating to a buy rating in a research note to investors on Tuesday, October 1st. They now have a $28.00 price target on the stock. Separately, analysts at Ned Davis Research downgraded shares of Myriad Genetics from a buy rating to a neutral rating in a research note to investors on Monday, September 30th. Finally, analysts at Zacks reiterated a neutral rating on shares of Myriad Genetics in a research note to investors on Thursday, September 19th. They now have a $27.00 price target on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $32.79.
Myriad Genetics, Inc (NASDAQ:MYGN) is a molecular diagnostic company.
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