Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Average Rating of “Hold” from Analysts

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned a consensus rating of “Hold” from the eleven ratings firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $28.60.

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Piper Sandler raised their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. Wells Fargo & Company assumed coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective for the company. Scotiabank upped their target price on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Jefferies Financial Group reaffirmed an “underperform” rating and set a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd.

Insider Transactions at Myriad Genetics

In other news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its position in shares of Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after buying an additional 491 shares during the period. Innealta Capital LLC purchased a new position in shares of Myriad Genetics in the 2nd quarter worth about $36,000. Point72 DIFC Ltd acquired a new position in shares of Myriad Genetics in the 2nd quarter valued at about $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Myriad Genetics during the 2nd quarter worth about $82,000. Finally, Neo Ivy Capital Management acquired a new stake in Myriad Genetics during the 2nd quarter worth approximately $85,000. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $28.60 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The stock has a 50 day simple moving average of $27.29 and a 200-day simple moving average of $23.96. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -10.09 and a beta of 1.92. Myriad Genetics has a 12-month low of $13.82 and a 12-month high of $29.08.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The firm had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. During the same quarter in the prior year, the business posted ($0.21) earnings per share. Myriad Genetics’s revenue was up 15.3% compared to the same quarter last year. On average, equities analysts forecast that Myriad Genetics will post -0.34 EPS for the current year.

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.