Myriad Genetics (NASDAQ:MYGN) Research Coverage Started at UBS Group

UBS Group started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $3.60 target price on the stock.

MYGN has been the topic of a number of other reports. Weiss Ratings cut Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Piper Sandler lowered Myriad Genetics from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $5.45 to $2.00 in a research note on Tuesday, September 1st. Wall Street Zen cut shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Myriad Genetics from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Finally, TD Cowen lowered their price objective on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a report on Friday, July 31st. Four equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Myriad Genetics has a consensus rating of “Reduce” and an average price target of $3.12.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $3.42 on Wednesday. Myriad Genetics has a 52-week low of $2.74 and a 52-week high of $8.59. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The company has a market capitalization of $327.12 million, a P/E ratio of -2.87 and a beta of 1.68. The company has a fifty day moving average of $4.17 and a 200-day moving average of $4.47.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Thursday, July 30th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19). Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The firm had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. During the same period in the prior year, the company earned $0.05 EPS. The firm’s revenue was down 10.5% compared to the same quarter last year. As a group, equities research analysts predict that Myriad Genetics will post -0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Allworth Financial LP bought a new stake in shares of Myriad Genetics during the 2nd quarter valued at about $25,000. 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. EverSource Wealth Advisors LLC lifted 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 purchasing an additional 4,480 shares during the period. Royal Bank of Canada lifted its stake 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 purchasing an additional 2,818 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Myriad Genetics in the second quarter worth approximately $37,000. Institutional investors own 99.02% of the company’s stock.

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.