Myriad Genetics, Inc. (MYGN) Lifted to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Myriad Genetics, Inc. (NASDAQ:MYGN) from a hold rating to a strong-buy rating in a research note published on Tuesday morning. The firm currently has $42.00 price target on the stock.
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.”
A number of other research firms also recently commented on MYGN. Morgan Stanley reaffirmed an underweight rating and issued a $24.00 price target (up previously from $17.00) on shares of Myriad Genetics in a research note on Friday, October 6th. Leerink Swann reissued a market perform rating and set a $31.00 target price on shares of Myriad Genetics in a research note on Monday, October 2nd. Stephens reissued an overweight rating and set a $40.00 target price (up previously from $36.00) on shares of Myriad Genetics in a research note on Friday, September 22nd. Cowen and Company reissued a hold rating and set a $25.00 target price on shares of Myriad Genetics in a research note on Sunday, September 17th. Finally, Jefferies Group LLC reissued a hold rating and set a $23.00 target price (up previously from $21.00) on shares of Myriad Genetics in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and an average target price of $26.40.
Shares of Myriad Genetics (NASDAQ:MYGN) traded up 1.37% during trading on Tuesday, hitting $34.86. 977,865 shares of the stock were exchanged. The company has a market cap of $2.39 billion, a P/E ratio of 109.28 and a beta of 0.28. The firm’s 50-day moving average is $34.39 and its 200 day moving average is $26.02. Myriad Genetics has a 1-year low of $15.15 and a 1-year high of $37.30.
Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.04. The business had revenue of $200.50 million during the quarter, compared to the consensus estimate of $193.71 million. Myriad Genetics had a return on equity of 9.67% and a net margin of 2.83%. Myriad Genetics’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Equities analysts forecast that Myriad Genetics will post $1.03 earnings per share for the current fiscal 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 sale, the director now directly owns 52,524 shares in the company, valued at $1,591,477.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in Myriad Genetics by 168,335.7% in the first quarter. BlackRock Inc. now owns 9,541,884 shares of the company’s stock valued at $183,203,000 after acquiring an additional 9,536,219 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Myriad Genetics by 0.9% in the second quarter. Vanguard Group Inc. now owns 6,307,738 shares of the company’s stock valued at $162,992,000 after acquiring an additional 56,708 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Myriad Genetics by 29.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,430,216 shares of the company’s stock valued at $88,636,000 after acquiring an additional 787,396 shares during the last quarter. Thrivent Financial For Lutherans boosted its holdings in Myriad Genetics by 7,026.7% in the second quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock valued at $70,862,000 after acquiring an additional 2,703,860 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Myriad Genetics by 31.1% in the second quarter. Northern Trust Corp now owns 1,292,588 shares of the company’s stock valued at $33,400,000 after acquiring an additional 306,276 shares during the last quarter.
Myriad Genetics Company Profile
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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