Scotiabank analyst Sung Ji Nam last night initiated coverage of Myriad Genetics with an Outperform rating and $29 price target. Myriad is an advanced diagnostics company focused on genetic testing and precision medicine for applications across oncology, women’s health, and mental health, the analyst tells investors in a research note. The firm says the company has undergone a significant transformation over the last several years to optimize its product portfolio and operational capabilities and to refocus on accelerating its growth. The transformation initiatives have begun to bear fruit, but Myriad is still in the early stages of maximizing its sales growth potential as well as achieving sustainable profitability, contends Scotiabank. It sees “meaningful headroom” for the stock over the next 12 months.
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