NEW YORK (GenomeWeb News) – Shares of Myriad Genetics slumped to a 52-week low earlier today, after the firm's stock was downgraded by investment bank JP Morgan.
Myriad fell to as low as $14.26 before rebounding slightly in the afternoon to $14.75 — still down 6 percent on the day.
JP Morgan downgraded Myriad's stock to "neutral" from "overweight" and cut its price target to $18 from $28.
Myriad's shares were down sharply — around 43 percent — in the first half of 2010, as its stock came under pressure after a federal District Court in late March declared Myriad's BRCA gene patents invalid. A little more than a month later, Myriad posted first-quarter revenues that fell well short of analysts' consensus estimate.