Benchmark Lowers Price Target on Myriad Genetics (MYGN) to $25 After Negative Preannouncement

July 1, 2009 9:32 AM EDT

Benchmark lowers price target on Myriad Genetics (Nasdaq: MYGN) from $30 to $25.

Benchmark analyst says, "We are reducing our price target to $25 from $30 following last night's negative preannouncement and our increasing concerns over MoDx growth trends. On a normalized basis, growth trends are still slightly below last year's trends...We do not believe some investors fully appreciate the sales process for the MoDx business. Our checks indicate that many of the large networks of hospitals and affiliates who use diagnostic testing are either fully committed or not able to approve BRACA testing, which is the main driver of revenue for Myriad Genetics. DTP/DTC campaigns are a minor contributor to the overall growth of the business. However, we do believe the existing business is well established and further deterioration is a less likely outcome."

To see more analyst ratings on MYGN Click Here.

Myriad Genetics, Inc. is a healthcare company focused on the development and marketing of molecular diagnostic and therapeutic products.

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