TD Cowen Cuts Myriad Genetics (NASDAQ:MYGN) Price Target to $6.00

Myriad Genetics (NASDAQ:MYGN) had its price objective decreased by TD Cowen from $7.00 to $6.00 in a report issued on Wednesday morning,Benzinga reports. TD Cowen currently has a hold rating on the stock.

A number of other research firms also recently commented on MYGN. Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. UBS Group reduced their target price on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Myriad Genetics in a research report on Friday, March 27th. Finally, Wells Fargo & Company lowered their price target on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a report on Wednesday. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.40.

Myriad Genetics Trading Up 4.9%

MYGN opened at $4.29 on Wednesday. Myriad Genetics has a 12-month low of $3.75 and a 12-month high of $8.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.26. The stock has a market capitalization of $405.19 million, a PE ratio of -1.00 and a beta of 1.81. The firm’s fifty day moving average price is $4.77 and its 200 day moving average price is $5.84.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The company had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.Myriad Genetics’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. As a group, research analysts expect that Myriad Genetics will post -0.37 EPS for the current fiscal year.

Insider Transactions at Myriad Genetics

In related news, CEO Samraat S. Raha bought 40,000 shares of the firm’s stock in a transaction on Monday, March 9th. The stock was bought at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the chief executive officer directly owned 493,104 shares in the company, valued at approximately $2,465,520. The trade was a 8.83% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director S. Louise Phanstiel bought 50,407 shares of the stock in a transaction dated Thursday, February 26th. The shares were bought at an average cost of $4.80 per share, with a total value of $241,953.60. Following the completion of the acquisition, the director directly owned 233,951 shares of the company’s stock, valued at approximately $1,122,964.80. The trade was a 27.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 144,507 shares of company stock worth $694,548 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Myriad Genetics

Large investors have recently added to or reduced their stakes in the stock. Aberdeen Group plc boosted its position in shares of Myriad Genetics by 178.3% during the third quarter. Aberdeen Group plc now owns 639,053 shares of the company’s stock worth $4,620,000 after buying an additional 409,460 shares during the period. Royce & Associates LP bought a new position in Myriad Genetics in the 3rd quarter worth approximately $4,844,000. AMH Equity Ltd increased its position in Myriad Genetics by 33.3% in the 3rd quarter. AMH Equity Ltd now owns 400,000 shares of the company’s stock valued at $2,892,000 after acquiring an additional 100,000 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Myriad Genetics during the 4th quarter valued at $722,000. Finally, CWM LLC raised its stake in Myriad Genetics by 160.3% during the 3rd quarter. CWM LLC now owns 63,325 shares of the company’s stock valued at $458,000 after acquiring an additional 38,998 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

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.