Myriad Genetics (NASDAQ:MYGN) Upgraded by Zacks Research to “Hold” Rating

Myriad Genetics (NASDAQ:MYGN) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company reduced their price objective on Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a research note on Tuesday. TD Cowen restated a “hold” rating on shares of Myriad Genetics in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a research report on Monday, December 29th. UBS Group lowered their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Piper Sandler dropped their price objective on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics currently has a consensus rating of “Hold” and a consensus price target of $9.17.

Myriad Genetics Trading Down 5.1%

MYGN stock opened at $4.61 on Thursday. The company has a market capitalization of $431.08 million, a PE ratio of -1.17 and a beta of 1.90. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.12 and a current ratio of 2.49. Myriad Genetics has a one year low of $3.76 and a one year high of $11.44. The company’s 50 day moving average price is $5.61 and its two-hundred day moving average price is $6.59.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. The company had revenue of $209.80 million during the quarter, compared to analysts’ expectations of $207.57 million. Myriad Genetics had a negative net margin of 44.38% and a negative return on equity of 6.35%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. As a group, analysts predict that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Myriad Genetics news, Director S. Louise Phanstiel purchased 50,407 shares of the stock in a transaction on Thursday, February 26th. The stock was acquired at an average price of $4.80 per share, with a total value of $241,953.60. Following the transaction, the director directly 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders purchased 104,507 shares of company stock worth $494,548. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in shares of Myriad Genetics by 23.3% during the third quarter. Nisa Investment Advisors LLC now owns 7,120 shares of the company’s stock valued at $51,000 after acquiring an additional 1,347 shares in the last quarter. Alliancebernstein L.P. increased its position in Myriad Genetics by 1.8% during the 3rd quarter. Alliancebernstein L.P. now owns 101,234 shares of the company’s stock valued at $732,000 after purchasing an additional 1,784 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Myriad Genetics by 8.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,666 shares of the company’s stock valued at $126,000 after purchasing an additional 1,881 shares during the period. Legal & General Group Plc raised its holdings in Myriad Genetics by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company’s stock worth $1,262,000 after purchasing an additional 2,313 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Myriad Genetics by 41.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,967 shares of the company’s stock worth $48,000 after purchasing an additional 2,625 shares during the period. 99.02% of the stock is owned by hedge funds and other 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.