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The investment firm also reduced its price target to $30 per share from $37 citing "lower overall conviction" that Myriad would meet its revenue projections.
Authors concluded that all three assays — Oncotype DX, EndoPredict, and Prosigna — met Canadian thresholds for cost-effectiveness and urged caution in considering the findings.
The drug is for first-line maintenance therapy after BRCA-mutated advanced ovarian cancer patients respond to platinum chemo and the test will identify those with BRCA mutations.
The broader market drove down the stock prices of many diagnostics companies. Natera, Guardant Health, and CareDx paced the gainers.
The firm reported total revenues of $216.6 million in Q3 2019 compared to $183.1 million a year ago, but it fell short of the consensus Wall Street estimate was $217.5 million.
Get the latest news from Danaher, HTG Molecular, Bruker, Myriad Genetics, Beckton Dickinson, RenalytixAI, Caris Life Sciences, and Oxford BioDynamics for the week of 5/3/19.
The firm is seeking approval of myChoice HRD as a test that can identify ovarian, fallopian, or peritoneal cancer patients deficient in homologous recombination DNA repair.
The test will be used to identify men with metastatic, castrate-resistant prostate cancer and germline BRCA mutations who are enrolled in a study for olaparib.
Palmetto's MolDx has agreed to cover Myriad's MyPath Melanoma to help rule out the disease when the biopsy can't be definitively classified by standard clinical and histopathological characteristics.
Last week, Invitae launched its Non-Invasive Prenatal Screening test while Myriad expanded its Prequel Prenatal Screen to cover all aneuploidies.