JMP Securities cut shares of Myriad Genetics (NASDAQ:MYGN) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, TheFlyOnTheWall.com reports.

We are downgrading Myriad Genetics from Market Outperform to Market Perform. We surveyed 28 oncologists and ob/gyns in recent weeks regarding their sensitivity to pricing and test accuracy, as well as their views on what percentage of BRCA1/BRCA2 testing would migrate to other tests. Our respondents indicate that 40% of test volumes could migrate to other manufacturers within 24 months. This is almost a 2x order of magnitude more than we had previously modeled. On a separate matter, our industry contacts voiced a great deal of concern that the new reimbursement levels are, at best, a clerical error that will not be resolved before the implementation of the new codes, and at worst, the correct reimbursement levels and a reflection of CMSs ongoing efforts to revise the calculus behind how molecular tests are reimbursed. We are not making any drastic changes to our models until we gain further clarity on this issue., JMP Securities analyst commented.

Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse raised their price target on shares of Myriad Genetics from $20.00 to $22.00 in a research note to investors on Monday, November 11th. They now have an underperform rating on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Myriad Genetics from $24.00 to $25.00 in a research note to investors on Wednesday, November 6th. They now have a hold rating on the stock. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $30.97.

Shares of Myriad Genetics (NASDAQ:MYGN) opened at 25.55 on Tuesday. Myriad Genetics has a 52-week low of $22.20 and a 52-week high of $38.27. The stocks 50-day moving average is $26.21 and its 200-day moving average is $27.92. The company has a market cap of $1.910 billion and a P/E ratio of 12.24. Myriad Genetics also was the recipient of unusually large options trading on Monday. Investors purchased 8,612 put options on the stock. This is an increase of 164% compared to the typical volume of 3,260 put options.

Myriad Genetics (NASDAQ:MYGN) last released its earnings data on Tuesday, November 5th. The company reported $0.68 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.46 by $0.22. The company had revenue of $202.50 million for the quarter, compared to the consensus estimate of $167.64 million. During the same quarter in the prior year, the company posted $0.36 earnings per share. The companys quarterly revenue was up 51.8% on a year-over-year basis. Analysts expect that Myriad Genetics will post $2.03 EPS for the current fiscal year.

Myriad Genetics, Inc (NASDAQ:MYGN) is a molecular diagnostic company.

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JMP Securities Downgrades Myriad Genetics to Market Perform ...

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