Myriad Genetics (NASDAQ:MYGN) Shares Gap Up to $18.56

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN – Get Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $18.56, but opened at $19.52. Myriad Genetics shares last traded at $19.78, with a volume of 974 shares trading hands.

Analysts Set New Price Targets

MYGN has been the subject of a number of analyst reports. StockNews.com initiated coverage on Myriad Genetics in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Raymond James upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a research note on Wednesday. Stephens initiated coverage on Myriad Genetics in a research note on Wednesday, October 5th. They issued an “equal weight” rating and a $22.00 price target for the company. Finally, SVB Leerink decreased their price target on Myriad Genetics from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.40.

Myriad Genetics Trading Down 0.7 %

The company has a 50 day moving average price of $18.03 and a 200 day moving average price of $20.44. The company has a market capitalization of $1.58 billion, a P/E ratio of -20.11 and a beta of 1.75.

Myriad Genetics (NASDAQ:MYGN – Get Rating) last issued its earnings results on Tuesday, November 1st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.12). Myriad Genetics had a negative return on equity of 4.86% and a negative net margin of 11.69%. The business had revenue of $156.40 million for the quarter, compared to the consensus estimate of $172.12 million. As a group, sell-side analysts forecast that Myriad Genetics, Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Richard Bryan Riggsbee sold 20,000 shares of Myriad Genetics stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $15.15, for a total transaction of $303,000.00. Following the completion of the sale, the chief financial officer now directly owns 374,107 shares of the company’s stock, valued at approximately $5,667,721.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Myriad Genetics

Several hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. lifted its holdings in Myriad Genetics by 2.6% during the 2nd quarter. Baird Financial Group Inc. now owns 15,662 shares of the company’s stock worth $285,000 after purchasing an additional 394 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Myriad Genetics by 1.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,334 shares of the company’s stock valued at $606,000 after acquiring an additional 509 shares in the last quarter. Royal Bank of Canada raised its holdings in Myriad Genetics by 29.0% in the 3rd quarter. Royal Bank of Canada now owns 2,339 shares of the company’s stock valued at $44,000 after acquiring an additional 526 shares in the last quarter. US Bancorp DE raised its holdings in Myriad Genetics by 14.6% in the 1st quarter. US Bancorp DE now owns 4,243 shares of the company’s stock valued at $108,000 after acquiring an additional 541 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Myriad Genetics by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 56,426 shares of the company’s stock valued at $818,000 after acquiring an additional 600 shares in the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

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Myriad Genetics, Inc, a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications. It provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, or metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.