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Fly News Breaks for May 14, 2019
MYGN
May 14, 2019 | 07:31 EDT
Needham analyst Stephen Unger lowered his price target on Myriad Genetics to $32 after its mixed Q3 results last week, saying that while its earnings grew 35% and Hereditary Cancer revenue grew 4%, GeneSight and Prenatal revenues declined 2.6% y/y and 1.9% sequentially. The analyst is also concerned with pricing and reimbursement "re-emerging" as an issue on expectations of flat Hereditary Cancer revenue and a sequential Q4 decline in Prenatal revenue. Unger maintains a Strong Buy rating on Myriad Genetics given its valuation and the "potential for expanded GeneSight payor coverage."
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