Markets & Finance

JMP Securities Moves Myriad Genetics to Strong Buy

JMP Securities upgraded Myriad Genetics (MYGN) to strong buy from outperform, after the company on Tuesday beat expectations with its quarterly results.

The company on Tuesday posted a 22 cents earnings per share loss in the second quarter. But analyst Charles Duncan says the second quarter results beat his and consensus estimates. He expects the biotechnology company to have continued growth in its Predictive Medicine revenue estimates for fiscal year 2006 (ending June) and beyond, as a result of three marketing initiatives including the Direct-to-Consumer campaign. He says that heightened visibility from the compan's new drug pipeline is expected to come in the near term including, additional data about studies on its studies of treatments for Alzheimer's disease. He raises his $25 stock price target to $29.

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