The molecular diagnostic company reported last month second-quarter earnings of $28.3 million, or 33 cents a share. Earnings increased 17% from the previous year.Myriad Genetics' estimated P/E for next year is 16.7. The average forward P/E among biotechnology companies is 44.38. United Therapeutics (UTHR) had a forward P/E of 7.81. Of Myriad Genetics' Prolaris presentation at the ASCO-GU conference Thursday, Oppenheimer analysts wrote in a report Thursday, "MYGN is ramping up its sales force, doubling the size to 20, as mgmt believes prostate cancer to represent a large opportunity with an annual incidence of 241k pre-prostatectomy patients and a prevalence of 1M post-prostatectomy patients. Initial launch is planned in the pre-prostatectomy indication, with payor talks ongoing." Eleven of the 20 analysts who cover the company rated it a buy. Nine considered it a hold. TheStreet Ratings gives Myriad a B- grade with a $27.69 price target. The stock closed Thursday at $23.66 and has increased 15% year to date. >>To see these stocks in action, visit the 4 Upgraded, Undervalued Stocks portfolio on Stockpickr.
The following companies also received upgrades to buy from TheStreet Ratings Friday.
- Hyatt Hotels: (H) B- grade from TheStreet Ratings and a $49.61 price target. The stock closed Thursday at $42.84.
- Intersil: (ISIL) B grade from TheStreet Ratings and a $13.48 price target. The stock closed Thursday at $11.02.
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