Myriad Genetics, Inc. (NASDAQ:MYGN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday, October 17th. The firm currently has a $42.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 38.61% from the stock’s previous close.
According to Zacks, “Over the last three months, Myriad Genetics has been trading above the broader industry. While we await the company to release its first quarter fiscal 2018 results, we expect it to deliver another quarter of strong topline on the back of solid growth in EndoPredict and GeneSight testing revenues. Also, the company witnessed a third consecutive quarter of rise in hereditary cancer volumes. We are currently upbeat about the receipt of positive coverage decision for EndoPredict tests from Palmetto GBA. Also, it received provincial reimbursement in Quebec for the same. Recently, the company introduced riskScore under its myRisk Hereditary Cancer testing portfolio. On the flip side, a dull operating margin scenario owing to a rise in operating expenses is disappointing. Currency fluctuations and stiff competition are other major headwinds for the company.”
Other analysts have also recently issued research reports about the company. J P Morgan Chase & Co reissued an “underweight” rating and issued a $16.00 price objective on shares of Myriad Genetics in a research report on Friday, June 30th. Morgan Stanley reissued an “underweight” rating and issued a $24.00 price objective (up previously from $17.00) on shares of Myriad Genetics in a research report on Friday, October 6th. BidaskClub cut Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Cowen and Company reaffirmed a “hold” rating and set a $25.00 price target on shares of Myriad Genetics in a research report on Friday, July 14th. Finally, Leerink Swann reaffirmed a “market perform” rating and set a $31.00 price target on shares of Myriad Genetics in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Myriad Genetics currently has a consensus rating of “Hold” and an average target price of $26.40.
Myriad Genetics (MYGN) traded up $1.85 on Tuesday, reaching $30.30. The company’s stock had a trading volume of 1,637,528 shares, compared to its average volume of 992,985. The stock has a market cap of $1,968.94, a P/E ratio of 26.84, a P/E/G ratio of 1.83 and a beta of 0.24. Myriad Genetics has a one year low of $15.15 and a one year high of $37.30. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.46 and a quick ratio of 1.26.
Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.04. Myriad Genetics had a return on equity of 9.67% and a net margin of 2.83%. The business had revenue of $200.50 million for the quarter, compared to the consensus estimate of $193.71 million. During the same period last year, the business posted $0.36 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. equities analysts anticipate that Myriad Genetics will post 1.04 EPS for the current year.
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In related news, Director John T. Henderson sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $30.30, for a total value of $909,000.00. Following the transaction, the director now directly owns 52,524 shares in the company, valued at $1,591,477.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.70% of the company’s stock.
Several institutional investors have recently bought and sold shares of MYGN. BlackRock Inc. increased its position in shares of Myriad Genetics by 168,335.7% during the first quarter. BlackRock Inc. now owns 9,541,884 shares of the company’s stock worth $183,203,000 after acquiring an additional 9,536,219 shares during the period. Thrivent Financial For Lutherans increased its position in shares of Myriad Genetics by 7,026.7% during the second quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock worth $70,862,000 after acquiring an additional 2,703,860 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Myriad Genetics by 59.7% during the first quarter. Dimensional Fund Advisors LP now owns 2,642,820 shares of the company’s stock worth $50,742,000 after acquiring an additional 987,966 shares during the period. Vanguard Group Inc. increased its position in shares of Myriad Genetics by 16.8% during the first quarter. Vanguard Group Inc. now owns 6,251,030 shares of the company’s stock worth $120,020,000 after acquiring an additional 897,287 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Myriad Genetics by 4,174.4% in the first quarter. Principal Financial Group Inc. now owns 530,148 shares of the company’s stock valued at $10,179,000 after buying an additional 517,745 shares during the last quarter.
About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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