Myriad Genetics (NASDAQ:MYGN) Stock Price Up 4.3%

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price traded up 4.3% during trading on Tuesday . The stock traded as high as $25.08 and last traded at $25.01. 95,890 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 703,069 shares. The stock had previously closed at $23.97.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MYGN. Leerink Partnrs upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Jefferies Financial Group reiterated an “underperform” rating and issued a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Scotiabank began coverage on shares of Myriad Genetics in a research report on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 price objective on the stock. Piper Sandler increased their target price on shares of Myriad Genetics from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 13th. Finally, SVB Leerink upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $25.00 to $35.00 in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and an average target price of $25.33.

Myriad Genetics Stock Performance

The stock’s 50-day moving average price is $22.75 and its 200-day moving average price is $21.63. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of -8.50 and a beta of 1.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.09. The firm had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. Myriad Genetics’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business posted ($0.28) EPS. As a group, equities research analysts expect that Myriad Genetics, Inc. will post -0.36 earnings per share for the current year.

Insider Transactions at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the transaction, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Lee Nisley Newcomer sold 6,200 shares of Myriad Genetics stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.30, for a total transaction of $156,860.00. Following the completion of the sale, the director now directly owns 66,650 shares in the company, valued at $1,686,245. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel K. Spiegelman sold 3,788 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the transaction, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The disclosure for this sale can be found here. Insiders sold 142,832 shares of company stock valued at $3,574,217 in the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Myriad Genetics

Hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG boosted its holdings in Myriad Genetics by 6.8% in the third quarter. Deutsche Bank AG now owns 41,428 shares of the company’s stock valued at $665,000 after acquiring an additional 2,622 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Myriad Genetics by 80.7% during the third quarter. Envestnet Asset Management Inc. now owns 221,175 shares of the company’s stock worth $3,548,000 after buying an additional 98,744 shares during the period. Invesco Ltd. increased its position in shares of Myriad Genetics by 6.7% in the third quarter. Invesco Ltd. now owns 757,576 shares of the company’s stock worth $12,152,000 after acquiring an additional 47,620 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Myriad Genetics by 609.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 131,553 shares of the company’s stock valued at $2,110,000 after acquiring an additional 113,000 shares during the period. Finally, Earnest Partners LLC lifted its holdings in shares of Myriad Genetics by 6.7% during the 3rd quarter. Earnest Partners LLC now owns 3,473,281 shares of the company’s stock valued at $55,711,000 after acquiring an additional 219,503 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.