Leerink Swann Downgrades Myriad Genetics (MYGN) to Market Perform

June 13, 2013 2:44 PM EDT
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Price: $15.60 +0.91%

Rating Summary:
    6 Buy, 16 Hold, 7 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Leerink Swann downgraded Myriad Genetics (NASDAQ: MYGN) from Outperform to Market Perform with a price target of $39.00. Analyst Dan Leonard thinks investor focus will now turn to competition and the stock has no place to go but down.

"Following the Supreme Court's (SCOTUS) mixed ruling on gene patents, we believe focus on MYGN's stock will shift to its long-term competitive positioning in the hereditary cancer testing market, in which we think its share has nowhere to go but down, and pricing could compress over time. While we believe MYGN's long-term positioning remains strong and have increased our price target to $39 (removal of SCOTUS distraction a positive, in our view), meaningful upside to MYGN’s intraday price of ~$36.50 requires more aggressive assumptions on price and share maintenance long-term than we are comfortable with, and thus downgrade the stock to Market Perform," said Leonard.

For an analyst ratings summary and ratings history on Myriad Genetics (NASDAQ: MYGN) click here. For more ratings news on Myriad Genetics click here.

Shares of Myriad Genetics closed at $33.92 yesterday.

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