Auriga Assumes Myriad Genetics (MYGN) at Buy
Tweet
Share
E-mailGet Alerts MYGN Hot Sheet
Price: $5.08 +9.72%
Rating Summary:
7 Buy, 19 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 7 | New: 31
Rating Summary:
7 Buy, 19 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 7 | New: 31
Join SI Premium – FREE
Auriga assumes coverage on Myriad Genetics (NASDAQ: MYGN) with a Buy rating and $27 price target.
The firm states, "Yesterday after the close, MYGN reported F3Q11 revenue of $102.4MM, $4MM ahead of both our estimate and consensus. EPS of $0.31 also came in ahead of both consensus and our estimate due to operating leverage and a one-time tax benefit. BRACAnalysis grew 13% Y/Y, with 8% coming higher sample volumes and 5% from price increases. MYGN's stable of other tests (six in all) generated $4.7MM in revenue and grew nicely (+14%). MYGN also raised FY11 revenue and EPS guidance. Finally, MYGN's European expansion plans have accelerated and are now on track for calendar 2012 (versus our prior expectation of YE12). With $451.5MM ($5/share) in cash, as well as continued strong cash flow generation, MYGN has significant strategic flexibility to fund a combination of accretive acquisitions, in-licensing of new products and its planned European expansion , as well as completing the remaining $50MM share repurchase program. Overall, it was a very solid quarter and we are reiterating our Buy rating ."
For more ratings news on Myriad Genetics click here and for the rating history of Myriad Genetics click here.
Shares of Myriad Genetics closed at $21.34 yesterday.
The firm states, "Yesterday after the close, MYGN reported F3Q11 revenue of $102.4MM, $4MM ahead of both our estimate and consensus. EPS of $0.31 also came in ahead of both consensus and our estimate due to operating leverage and a one-time tax benefit. BRACAnalysis grew 13% Y/Y, with 8% coming higher sample volumes and 5% from price increases. MYGN's stable of other tests (six in all) generated $4.7MM in revenue and grew nicely (+14%). MYGN also raised FY11 revenue and EPS guidance. Finally, MYGN's European expansion plans have accelerated and are now on track for calendar 2012 (versus our prior expectation of YE12). With $451.5MM ($5/share) in cash, as well as continued strong cash flow generation, MYGN has significant strategic flexibility to fund a combination of accretive acquisitions, in-licensing of new products and its planned European expansion , as well as completing the remaining $50MM share repurchase program. Overall, it was a very solid quarter and we are reiterating our Buy rating ."
For more ratings news on Myriad Genetics click here and for the rating history of Myriad Genetics click here.
Shares of Myriad Genetics closed at $21.34 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- B.Riley Starts Suncrete Inc (RMIX) at Buy
- AmerX Starts WidePoint Corp (WYY) at Buy
- Leerink Starts Quince Therapeutics Inc. (QNCX) at Outperform
Create E-mail Alert Related Categories
New CoverageRelated Entities
Raising Prices, Stock Buyback, AurigaSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
