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Prudential Begins Genomics Coverage; Myriad Takes a Beating

NEW YORK, Feb. 21 - Prudential Securities on Thursday said that it has begun covering Celera Genomics, Human Genome Sciences, Millennium Pharmaceuticals, Myriad Genetics, and Tularik.


Analyst Christopher Raymond set the following price targets: Celera, $33; HGS, $28; Millennium, $38; Myriad, $25; and Tularik, $22, according to Reuters.

 

The analyst rated Myriad a 'sell,' Celera and Millennium a 'buy,' and HGS and Tularik a 'hold.' He said that Myriad presents "significant commercial, collaborative and commercial risk" in the near term, and that its genetic tests will fall flat among investors.


The market quickly responded: Myriad shares fell $3.84, or close to 10 percent, to $35.15 in mid-afternoon trading. Millennium inched up $.38 to $20.46, Celera jumped 60 cents to $21.34, Tularik dipped $.38 to $18.81, and HGS gained $.59 to sell at $24.62. All companies trade on the Nasdaq.

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