Genetic Testing Pioneer Myriad Genetics' Evolution Draws Analyst Attention Amid New Product(s) Anticipation
Piper Sandler initiated coverage on Myriad Genetics Inc (NASDAQ: MYGN), noting that many investors know the company as one of the earliest pioneers of genetic testing.
Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions. The company offers tests across multiple categories, including hereditary cancer, pharmacogenomics, and women’s health.
It pioneered and was the market leader in BRCA testing for over ten years.
However, in the 2010s, Myriad faced challenges from ASP and market competition, struggling with effective execution.
The analysts David Westenberg and Jon Petersen write that CEO Paul Diaz has successfully addressed Myriad’s operational and innovation challenges.
The analysts initiate with a Neutral rating and a price target of $23.
They observe a significant improvement in the core business, which has largely resumed growth, positioning the company to regain its leadership role in laboratory genetics.
In contrast to other public esoteric labs, Myriad boasts a favorable balance sheet and robust operating infrastructure. Piper analysts anticipate competitive advancements in BRCA, oncology, and reproductive health testing within the coming year that could significantly drive further growth for the company.
Piper anticipates encountering minor challenges due to pricing pressures affecting various product lines, notably within the hereditary cancer sector.
This area faces continual reimbursement reductions and heightened competition, contributing to these headwinds.
Price Action: MYGN shares are down 0.25% at $20.27 on the last check Thursday.
Photo via Wikimedia Commons
Latest Ratings for MYGN
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021 | SVB Leerink | Maintains | Market Perform | |
Jun 2021 | Raymond James | Initiates Coverage On | Market Perform | |
Jun 2021 | Goldman Sachs | Initiates Coverage On | Sell |
View More Analyst Ratings for MYGN
View the Latest Analyst Ratings
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This article Genetic Testing Pioneer Myriad Genetics' Evolution Draws Analyst Attention Amid New Product(s) Anticipation originally appeared on Benzinga.com
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