Myriad Genetics price target lowered to $21 from $32 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Myriad Genetics (MYGN) to $21 from $32 and keeps an Equal Weight rating on the shares. Q3 results came in slightly above the preliminary view as average selling price strength more than offset some volume softness, the analyst noted. UnitedHealth’s (UNH) decision to drop coverage of multi-gene behavioral health PGx tests equates annually to about $40M in revenue and about $30M in gross profit impact, notes the analyst, who adds that “broader payor fallout bears watching.”