Piper Jaffray & Co. initiates coverage on Myriad Pharmaceuticals (Nasdaq: MYRX) (Nasdaq: MYRXV) with an Underweight. Price target $3.50.
Piper analyst says, "Myriad Genetics (Nasdaq: MYGN) completed the spin-out of Myriad Pharmaceuticals, which will begin trading under the ticker symbol MYRX today. Shares have been trading as MYRXV on a "when issued" basis since Friday, June 12th when the pharmaceutical division was floated as a 1/4 share dividend. We view Myriad's pipeline as speculative and are initiating coverage with an Underweight rating until we see further clinical validation."
Myriad Pharmaceuticals, Inc. (MPI) is a biopharmaceutical company focused on discovering, developing, and commercializing small molecule drugs that address severe medical conditions with, including cancer and human immunodeficiency virus (HIV) infection.
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