Auriga Maintains a 'Buy' on Myriad Genetics (MYGN); Understanding Two Areas of Concern
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Price: $3.03 -4.42%
Rating Summary:
7 Buy, 19 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 19 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Auriga maintains a 'Buy' on Myriad Genetics (NASDAQ: MYGN) price target of $31.00.
Analyst, Peter McDonald, said, "Putting aside the general concerns around physician office visits, co-pay resets and the economy in general, most worries surrounding Myriad Genetics have been centered on two areas. The first was the Supreme Court decision in the case of The Association for Molecular Pathology, et al., v. Myriad Genetics, Inc., et al (Docket No. 11-725). With the Supreme Court remanding the case back to the U.S. Court of Appeals, full resolution of this issue will likely drag out for some time. Given MYGN's patent portfolio, we do not expect much of a commercial impact regardless of the outcome. The second key event is the ongoing process of revamping CPT codes to add specific codes for molecular diagnostic tests. The process should be neutral to MYGN's overall pricing, but there is a slim chance reimbursement could be negatively impacted. The process has been underway since at least 2009; however, CMS has delayed implementation several times. The next update could come in June, when the agenda for a July meeting needs to be published in the Federal Register."
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 $25.69 yesterday.
Analyst, Peter McDonald, said, "Putting aside the general concerns around physician office visits, co-pay resets and the economy in general, most worries surrounding Myriad Genetics have been centered on two areas. The first was the Supreme Court decision in the case of The Association for Molecular Pathology, et al., v. Myriad Genetics, Inc., et al (Docket No. 11-725). With the Supreme Court remanding the case back to the U.S. Court of Appeals, full resolution of this issue will likely drag out for some time. Given MYGN's patent portfolio, we do not expect much of a commercial impact regardless of the outcome. The second key event is the ongoing process of revamping CPT codes to add specific codes for molecular diagnostic tests. The process should be neutral to MYGN's overall pricing, but there is a slim chance reimbursement could be negatively impacted. The process has been underway since at least 2009; however, CMS has delayed implementation several times. The next update could come in June, when the agenda for a July meeting needs to be published in the Federal Register."
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 $25.69 yesterday.
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