Today’s recommendation comes from Shortex Market Letter. Please note that there will be no Daily Alert on Monday because of the Labor Day holiday.
“Myriad Genetics, Inc. (MYGN, $25) — The molecular diagnostic company is forecasting 2013 revenue of $550 million-$565 million, and earnings of $1.44-$1.48 per share. Federal Appeals Court upheld its patents on isolated DNA. Expansion to European markets a plus. Cash in excess of $460 million. Buyout candidate a possibility.
“Correcting to primary support at 23.60-24.40. Challenging previous high of 27.00 in the offing. Buying Range: 23-26, Near-Term Objective: 34, Intermediate-Term Objective: 46, Stop Loss: 21.60.”
- Joseph Parnes, Shortex Market Letter, August 29, 2012