Investment analysts at Oppenheimer cut their target price on shares of Myriad Genetics (NASDAQ: MYGN) from $31.00 to $29.00 in a note issued to investors on Monday. The firm currently has a “market perform” rating on the stock.

The analysts wrote, “Noridian, the Medicare contractor for Utah provided preliminary pricing for CY2013 molecular pathology codes. Noridian reduced Integrated BRACAnalysis pricing ~16.3%, which is worse than anticipated. MYGN remains committed to FY13 guidance as Medicare represents only 10% of revenue. Our concern lies beyond 2013, as commercial payors may follow with price reductions. We note the discount private payors previously received was due in part to differences in the addressable market relative to the Medicare charter. As the BRACAnalysis Medicare price is now ~8.1% below the average commercial price, we see the potential for a step down in private payor reimbursement as MYGN renegotiates contracts.”

Myriad Genetics traded down 2.32% on Monday, hitting $24.87. Myriad Genetics has a 52-week low of $22.02 and a 52-week high of $31.80. The stock’s 50-day moving average is currently $26.15. The company has a market cap of $2.004 billion and a price-to-earnings ratio of 17.45.

Myriad Genetics last issued its quarterly earnings data on Tuesday, February 5th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $140.70 million for the quarter, compared to the consensus estimate of $143.71 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Myriad Genetics has set its FY13 guidance at $1.55-1.58 EPS. Analysts expect that Myriad Genetics will post $1.57 EPS for the current fiscal year.

A number of other firms have also recently commented on MYGN. Analysts at Credit Suisse cut their price target on shares of Myriad Genetics to $28.00 in a research note to investors on Monday. They now have a “neutral” rating on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Myriad Genetics from $33.00 to $31.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated an “outperform” rating on shares of Myriad Genetics in a research note to investors on Tuesday, February 12th. They now have a $30.00 price target on the stock.

Nine analysts have rated the stock with a buy rating, eight have given a hold rating, and one has given a sell rating to the stock. The company presently has an average rating of “overweight” and an average price target of $30.45.

Myriad Genetics, Inc. (Myriad) is a molecular diagnostic company. The Company is focused on developing and marketing predictive medicine, personalized medicine and prognostic medicine tests.

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