Myriad Genetics, Inc. (NASDAQ:MYGN) Receives $6.50 Consensus Target Price from Analysts

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $5.3750.

MYGN has been the topic of several research reports. Weiss Ratings lowered Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. TD Cowen cut their price target on Myriad Genetics from $6.00 to $4.00 and set a “hold” rating for the company in a research note on Friday, July 31st. Finally, Wells Fargo & Company lowered their price objective on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research note on Monday.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director directly owned 171,889 shares of the company’s stock, valued at approximately $766,624.94. This trade represents a 8.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro acquired 7,500 shares of Myriad Genetics stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the purchase, the director directly owned 97,441 shares in the company, valued at $359,557.29. This represents a 8.34% increase in their position. The SEC filing for this purchase provides additional information. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently made changes to their positions in MYGN. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics during the 1st quarter valued at $562,500,000. Millennium Management LLC lifted its holdings in Myriad Genetics by 41.1% during the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after purchasing an additional 1,951,831 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after purchasing an additional 1,492,405 shares during the period. Kent Lake PR LLC bought a new position in Myriad Genetics in the 2nd quarter worth about $6,638,000. Finally, Federated Hermes Inc. grew its holdings in Myriad Genetics by 103,916.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock valued at $5,960,000 after buying an additional 1,121,254 shares in the last quarter. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Stock Down 0.6%

Myriad Genetics stock opened at $3.15 on Thursday. Myriad Genetics has a twelve month low of $2.74 and a twelve month high of $8.59. The firm has a 50 day moving average price of $5.05 and a 200-day moving average price of $4.86. The company has a market capitalization of $301.30 million, a P/E ratio of -2.65 and a beta of 1.69. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly 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 return on equity of 16.09% and a negative net margin of 13.96%.The company had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. During the same period last year, the firm posted $0.05 EPS. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, equities analysts predict that Myriad Genetics will post -0.57 EPS for the current year.

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.