Myriad Genetics (MYGN) PT Raised to $22 at Piper Jaffray

Piper Jaffray analyst William Quirk reaffirms Neutral rating and raises price target on Myriad Genetics (NASDAQ: MYGN) to $22 (from $21), noting 2017 fiscal second quarter numbers for the company were strong, but near-term risks remain.

Quirk comments, "MYGN is up ~15% in aftermarket trading after reporting 2Q17 revenue and EPS upside. Revenue of $196.5M is above the Street’s $189.7M, while EPS of $0.26 beat by $0.02. Hereditary Cancer, GeneSight and Pharma drove upside, but Vectra DA and Prolaris missed expectations. Management narrowed FY17 revenue guidance; Anthem moved out of network in the quarter (~$10M impact 2H17), but MYGN is managing the headwind with lower integration disruption at Assurex. We maintain our Neutral rating and raise our price target to $22 (was $21) based on ~12x our CY18E EPS, down from ~13x to reflect risk of additional payers moving MYGN out of network."

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