Myriad Genetics (NASDAQ:MYGN) Downgraded on Lack of Catalysts

Myriad Genetics (NASDAQ:MYGN) was downgraded by Soleil Securities, with the company citing several concerns they have going forward.

Soleil analyst says, "Our Concerns for 2011/12: 1) A maturing BRACAnalysis franchise. 2) Nominal sales contribution from new products. 3) Potential headline risks associated with development challenges for PARP inhibitors and BRACAnalysis companion tests. 4) ACLU patent challenge case...Model Changes: We're looking for FY11 sales of $389.8MM and EPS of $1.01 - for FY12, we're keeping
expectations intact including sales of $415.2MM and EPS of $1.10."

Soleil Securities downgraded Myriad Genetics (MYGN) from Buy
to Hold. Myriad closed Friday at $19.30, dropping $3.11, or 13.88 percent. Soleil lowered their price target on Myriad from $22 to $20.