Myriad Genetics (NASDAQ:MYGN) Cut to “Market Perform” at Cowen

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Cowen cut shares of Myriad Genetics (NASDAQ:MYGN) from an outperform rating to a market perform rating in a research report released on Tuesday, Benzinga reports. Cowen currently has $26.64 target price on the stock.

Several other equities analysts also recently weighed in on MYGN. Zacks Investment Research downgraded First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. Needham & Company LLC reaffirmed a strong-buy rating and issued a $32.00 price objective on shares of Myriad Genetics in a research note on Tuesday, May 14th. They noted that the move was a valuation call. BidaskClub downgraded Extraction Oil & Gas from a hold rating to a sell rating in a research note on Saturday, May 4th. ValuEngine cut Valero Energy from a hold rating to a sell rating in a report on Wednesday, May 8th. Finally, Barclays set a $18.00 target price on Summit Materials and gave the company a hold rating in a report on Friday, June 14th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $37.74.

NASDAQ MYGN opened at $25.72 on Tuesday. Myriad Genetics has a 1-year low of $22.07 and a 1-year high of $50.44. The stock has a market cap of $1.85 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.33 and a beta of 0.82. The company has a 50 day moving average price of $25.18. The company has a quick ratio of 2.86, a current ratio of 3.15 and a debt-to-equity ratio of 0.24.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.04). Myriad Genetics had a net margin of 2.62% and a return on equity of 9.82%. The firm had revenue of $216.60 million during the quarter, compared to analysts’ expectations of $217.76 million. During the same period in the previous year, the business earned $0.34 earnings per share. The business’s revenue for the quarter was up 18.3% on a year-over-year basis. Equities research analysts anticipate that Myriad Genetics will post 1.44 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its holdings in Myriad Genetics by 6.4% during the 4th quarter. BlackRock Inc. now owns 12,202,442 shares of the company’s stock valued at $354,727,000 after buying an additional 735,832 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Myriad Genetics by 0.6% during the first quarter. Baillie Gifford & Co. now owns 9,540,586 shares of the company’s stock worth $316,747,000 after purchasing an additional 55,642 shares during the last quarter. Vanguard Group Inc boosted its holdings in shares of Myriad Genetics by 4.4% during the third quarter. Vanguard Group Inc now owns 8,656,933 shares of the company’s stock worth $398,219,000 after purchasing an additional 365,697 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of Myriad Genetics by 0.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 3,922,852 shares of the company’s stock worth $114,037,000 after purchasing an additional 29,874 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its holdings in shares of Myriad Genetics by 4.4% during the first quarter. Frontier Capital Management Co. LLC now owns 3,363,970 shares of the company’s stock worth $111,684,000 after purchasing an additional 140,404 shares during the last quarter. Hedge funds and other institutional investors own 99.22% of the company’s stock.

About Myriad Genetics

Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.

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Analyst Recommendations for Myriad Genetics (NASDAQ:MYGN)

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