Piper Jaffray upgraded Myriad Genetics (MYGN) to outperform from market perform.
Analyst Edward Tenthoff says looking into 2005, he expects clinical progress and data to be the primary value driver for the drug discovery space.
He offers top discovery picks for 2005: deCode Genetics (outperform), Exelisis (outperform), as well as a Myriad Genetics upgrade. He says Myriad Genetics is scheduled to report Phase II Alzheimer's disease data on Flurizan (R-flurbiprofen) in the second quarter. He also notes the company is on track to file several Investigative New Drug applications in the next few months.
He believes Myriad Genetics continues to deliver strong growth with its Predictive Medicine tests, enabling it to offset its burn rate and conserve cash.