Myriad Genetics, Inc. (NASDAQ:MYGN) Given Consensus Rating of “Hold” by Brokerages

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have received an average recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $6.50.

MYGN has been the subject of several recent analyst reports. UBS Group reduced their price target on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, February 24th. Weiss Ratings raised Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, June 4th. Wells Fargo & Company reduced 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, May 6th. TD Cowen reduced their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. Finally, Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th.

Myriad Genetics Trading Up 3.4%

Shares of MYGN stock opened at $4.54 on Wednesday. The business’s 50 day moving average is $4.42 and its two-hundred day moving average is $5.33. Myriad Genetics has a twelve month low of $3.53 and a twelve month high of $8.59. The company has a market capitalization of $428.80 million, a P/E ratio of -1.06 and a beta of 1.73. The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The business had revenue of $200.40 million during the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. Equities analysts forecast that Myriad Genetics will post -0.17 EPS for the current year.

Insider Activity at Myriad Genetics

In other Myriad Genetics news, Director Paul Bisaro purchased 7,500 shares of Myriad Genetics stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $3.69 per share, with a total value of $27,675.00. Following the acquisition, the director directly owned 97,441 shares of the company’s stock, valued at $359,557.29. This represents a 8.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the director directly owned 171,889 shares of the company’s stock, valued at $766,624.94. This represents a 8.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Orbimed Advisors LLC acquired a new position in Myriad Genetics during the first quarter worth $562,500,000. Vanguard Group Inc. raised its holdings in Myriad Genetics by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after purchasing an additional 342,856 shares during the last quarter. Millennium Management LLC raised its holdings in Myriad Genetics by 41.1% during the fourth 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 during the last quarter. State Street Corp raised its holdings in Myriad Genetics by 19.9% during the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock worth $36,694,000 after purchasing an additional 990,075 shares during the last quarter. Finally, Glenview Capital Management LLC raised its holdings in Myriad Genetics by 17.6% during the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after purchasing an additional 687,857 shares during 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.