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Fly News Breaks for August 22, 2019
MYGN
Aug 22, 2019 | 14:44 EDT
Piper Jaffray analyst William Quirk notes that Palmetto issued two draft LCDs regarding coverage of pharmacogenomic testing. The proposal comes after expanded private payor coverage followed by FDA scrutiny, he adds. The analyst believes the LCD's are incrementally positive for Myriad as the CMS draft change would expand the target market from 16M patients who experienced a major depressive episode to the broader 46.6M people with psychiatric illness. That said, these LCD's remain secondary to the more pressing threat to GeneSight, which is the FDA's attempts to restrict information about drug recommendations, he contends. Quirk reiterates a Neutral rating and a $40 price target on the shares.
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