Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month High at $28.00

Myriad Genetics, Inc. (NASDAQ:MYGN) shares hit a new 52-week high on Tuesday . The stock traded as high as $28.00 and last traded at $28.00, with a volume of 150 shares. The stock had previously closed at $27.75.

Wall Street Analysts Forecast Growth

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

Myriad Genetics Stock Performance

The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The company’s fifty day simple moving average is $24.32 and its 200-day simple moving average is $22.27.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Myriad Genetics by 0.8% in the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock worth $213,961,000 after acquiring an additional 81,475 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Myriad Genetics by 20.4% during the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after acquiring an additional 1,223,446 shares during the period. Glenview Capital Management LLC increased its position in Myriad Genetics by 39.6% in the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after buying an additional 1,500,000 shares during the last quarter. Earnest Partners LLC increased its holdings in Myriad Genetics by 0.5% in the 1st quarter. Earnest Partners LLC now owns 3,933,058 shares of the company’s stock worth $83,853,000 after acquiring an additional 19,145 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Myriad Genetics by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,680,918 shares of the company’s stock valued at $51,315,000 after acquiring an additional 89,330 shares during the period. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

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.