Leerink downgrades Myriad Genetics on reimbursement, competitive headwinds

As previously reported, Leerink downgraded Myriad Genetics (MYGN) to Market Perform from Outperform with a price target of $21, down from $30. Despite the remarkable transformation over the last 4 years under CEO Paul Diaz, where Myriad returned to profitability and growth, the market backdrop from both reimbursement and competition is suddenly worsening, the firm says. With further competitive pressures now rising in 2025 for its Prolaris prostate cancer assay, delays in addressing the GeneSight coverage by UnitedHealth (UNH), rising risk for potential Medicaid cuts, limited further upside from Invitae’s (NVTA) disruption in the hereditary cancer testing market, CGP remaining competitive, and MRD a 2026 story, Leerink sees minimal avenues for growth in the near-to-medium term.