UPDATE: Auriga Lowers PT on Myriad Genetics to $21

Auriga is out with its report today on Myriad Genetics MYGN, lowering its PT to $21 from $25. In its report, Auriga writes, "In our view, MYGN is making the necessary and proper investments, however the top line pay off is not likely to materialize until FY13. As such, we are maintaining our Hold rating, but reducing our PT to $21 (from $25) to reflect the pull back in market multiples." Shares of MYGN closed Tuesday at $18.98.