Myriad Genetics, Inc. (NASDAQ:MYGN) Given Consensus Recommendation of “Hold” by Brokerages

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned an average rating of “Hold” from the twelve research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $8.9375.

A number of analysts recently commented on the company. Piper Sandler decreased their target price on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a report on Monday, December 29th. Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. UBS Group decreased their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Finally, Wells Fargo & Company lowered their target price on Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 24th.

Myriad Genetics Stock Up 0.4%

Shares of NASDAQ MYGN opened at $5.15 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.49 and a debt-to-equity ratio of 0.33. The firm has a market cap of $481.58 million, a PE ratio of -1.31 and a beta of 1.91. The company’s fifty day simple moving average is $5.47 and its 200 day simple moving average is $6.58. Myriad Genetics has a 12-month low of $3.76 and a 12-month high of $11.44.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Monday, February 23rd. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.06. Myriad Genetics had a negative net margin of 44.38% and a negative return on equity of 6.35%. The firm had revenue of $209.80 million during the quarter, compared to the consensus estimate of $207.57 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The business’s revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts forecast that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director S. Louise Phanstiel purchased 50,407 shares of the business’s stock in a transaction on Thursday, February 26th. The stock was acquired at an average price of $4.80 per share, for a total transaction of $241,953.60. Following the purchase, the director owned 233,951 shares of the company’s stock, valued at approximately $1,122,964.80. This trade represents a 27.46% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 104,507 shares of company stock valued at $494,548. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its stake in shares of Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after acquiring an additional 4,480 shares in the last quarter. Quarry LP increased its position in shares of Myriad Genetics by 155.6% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $27,000 after purchasing an additional 2,657 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Myriad Genetics by 1,088.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock valued at $30,000 after purchasing an additional 3,745 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Myriad Genetics by 407.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after purchasing an additional 4,635 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after buying an additional 2,818 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.