Myriad Genetics, Inc. (MYGN) Downgraded to Hold at Auriga

Myriad Genetics, Inc. (MYGN) has been downgraded today by the securities research analysts at investment firm Auriga which cut Myriad Genetics from a “buy” rating to “hold.”  Myriad Genetics also lowered target outlook for Myriad Genetics, adjusting their price target from $27 to $25 dollars.  Auriga noted that their downgrade today is based on valuation of MYGN.

MGYN gapped down at the open of the regular trading session this morning at the $23.29 price mark.  Shares would eventually be traded at one point within Tuesday’s range, yet shares were relegated to close even further below today’s open as MGYN could not manage to shake bearish momentum during the final minutes of trading.

Myriad Genetics is slated to release their next earnings report on August 9th, 2011, and the current consensus EPS estimate is expected to be 29 cents.  Myriad Genetics’s last earnings report was released on May 3rd, 2011, and announced EPS of 31 cents with revenue totaling $102.4 million which was up 12.8 % year to year.  MYGN is currently trading above its 50 & 200-day moving averages and 2011 is currently an up year for the company.

Myriad Genetics, Inc. is a molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine products.  The company has market capitalization of $2,064,566,570 and 89,881,000 shares outstanding.  MGYN has a 52-week high of $25.89 with the low being $14.11 dollars.

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