Bear of the Day: Myriad Genetics (MYGN)

Myriad Genetics Inc.'s (MYGN - Analyst Report) third quarter fiscal 2010 earnings of $0.33 per share fell short of the Zacks Consensus Estimate by $0.05. The company had earned $0.38 per share in the year-ago period.

Myriad Genetics spun off its therapeutics business in July 2009 to focus on molecular diagnostics going forward. Although the molecular diagnostics business is performing well, we remain concerned about the overall weakness in the economy. It has affected sales adversely in recent quarters.

The competition confronting Myriad Genetics products in the biotechnology and genetics testing field is also a concern. Consequently, we have downgraded the stock to Underperform.

Myriad Genetics (MYGN) : FULL ANALYST REPORT