Myriad Genetics price target lowered to $7 from $16 at Morgan Stanley

Morgan Stanley analyst Tejas Savant lowered the firm’s price target on Myriad Genetics (MYGN) to $7 from $16 and keeps an Equal Weight rating on the shares. A “disappointing” Q1 miss was driven by softness in GeneSight and hereditary cancer tests in the unaffected population, says the analyst, who adds that while the pipeline “holds promise,” it “remains a show-me story at this time.”