JPMorgan continues to see downside risk in Myriad Genetics
After conducting a survey of high-volume, U.S.-based psychiatrists to get a better sense of the traction GeneSight test is seeing and the longer term market opportunity, JPMorgan analyst Tycho Peterson continues to see risk to the downside in Myriad Genetics shares. Responses overall were mixed, with some indicating GeneSight provides meaningful clinical information while others were cautious on the utility of the test, Peterson tells investors in a research note. The analyst believes the failure of the GeneSight clinical utility study to hit the primary endpoint increases questions on Myriad's ability to gain meaningful incremental reimbursement. He keeps an Underweight rating on the shares with a $19 price target.