Analyst Puneet Souda of Leerink Partners maintained a Hold rating on Myriad Genetics (MYGN – Research Report), with a price target of $27.00.
Puneet Souda of Leerink Partners has given his Hold rating on Myriad Genetics’s stock due to a collection of reasons. The company posted strong 3Q revenues, which exceeded expectations, with a 23% year-on-year growth. This positive outcome was largely due to successful cash collection efforts that helped the company recover from previous quarter’s administrative challenges. The management’s confidence in continued volume growth and reimbursement opportunities led them to raise their FY23 revenue guidance.
Despite these promising signs, Souda remains cautious. While Myriad Genetics has shown year-to-date double-digit growth even amidst payer hiccups, and is looking at a future of transformation, he suggests a need to monitor the company’s steady progress towards its long-term goals. The company’s outlook for 2024-2026 includes an ambitious 10% revenue compound annual growth rate, expecting to surpass $1 billion by 2026. The Hold rating reflects this cautious optimism, recognizing the company’s current success but also acknowledging the need for consistent performance in the future.
In another report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $18.00 price target.
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Myriad Genetics (MYGN) Company Description:
Myriad Genetics, Inc. engages in the discovery, development, and marketing of transformative molecular diagnostic test. It operates through the Diagnostics and Other segments. The Diagnostics segment provides testing and collaborative development of testing that is designed to asses an individual’s risk of developing a disease later in life. The Other segment offers products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients; and also includes corporate services such as finance, human resources, legal, and information technology. The company was founded by Walter A. Gilbert, Mark H. Skolnick, and Peter D. Meldrum in May 1991 and is headquartered in Salt Lake City, UT.
Read More on MYGN:
- Myriad Genetics sees FY24 revenue $815M-$835M, consensus $799.97M
- Myriad Genetics narrows FY23 adjusted EPS view to (33c)-(28c) from (36c)-(24c)
- Myriad Genetics reports Q3 adjusted EPS (3c), consensus (8c)
- Myriad Genetics Reports Third Quarter 2023 Financial Results; Generates Double-Digit Revenue Growth; Raises 2023 Revenue Guidance and Introduces 2024 Revenue Guidance
- Myriad Genetics appoints Raha as Chief Operating Officer
