Deutsche Bank Starts Myriad Genetics (MYGN) at Buy

Deutsche Bank initiated coverage on Myriad Genetics (NASDAQ: MYGN) with a Buy rating and a price target of $52. Analyst Shawn Bevec thinks FY20 financial targets are achievable.

"MYGN is a leader in the genetic diagnostic test mkt and key player enabling precision medicine. Following the 2013 SCOTUS decision that invalidated key IP protecting the company’s monopoly in hereditary cancer (HC) testing, sentiment turned very negative due to fears of significant mkt share losses and reimbursement pressure. These fears have been overblown and MYGN recently outlined a bold FY20 growth strategy that is dependant nearly entirely on new products representing a number of shots on goal over the next several years. With shares trading at a modest discount to peers and our view that FY20 financial targets appear very achievable, we rate MYGN shares Buy," said Bevec.

For an analyst ratings summary and ratings history on Myriad Genetics click here. For more ratings news on Myriad Genetics click here.

Shares of Myriad Genetics closed at $42.78 yesterday.

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