JMP keeps Myriad at market outperform

Myriad Genetics Inc. was reiterated at market outperform with a price target of $25 by JMP Securities analysts Charles C. Duncan and Anthony Ostrea after the company reported strong 2006 first-quarter results with growing predictive medicine sales and solid progress in pipeline programs. Myriad had total revenues of $25 million, higher than consensus of $23 million, and a loss of $0.30 per share, lower than the consensus expectations of $0.35 per share. Merrill lowered its loss-per-share estimate for 2006 to $1.28 from $1.29 and described the company as undervalued. Shares of the Salt Lake City-based biotechnology company were down $0.55, or 2.62%, at $20.46 on volume of 216,489 versus the three-month running average of 317,029 shares.

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