Myriad Genetics (NASDAQ:MYGN) Upgraded by Leerink Partnrs to Outperform

Myriad Genetics (NASDAQ:MYGN) was upgraded by Leerink Partnrs from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Zacks.com reports.

A number of other equities research analysts also recently commented on the stock. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $25.00 to $35.00 in a research report on Wednesday. The Goldman Sachs Group raised their price target on Myriad Genetics from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.86.

Myriad Genetics Stock Up 21.1 %

Shares of NASDAQ MYGN opened at $23.95 on Wednesday. Myriad Genetics has a 12-month low of $13.82 and a 12-month high of $24.21. The stock has a market cap of $2.17 billion, a P/E ratio of -7.48 and a beta of 1.96. The company has a current ratio of 2.01, a quick ratio of 1.87 and a debt-to-equity ratio of 0.05. The business’s fifty day simple moving average is $20.64 and its 200-day simple moving average is $19.91.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.09. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The business had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $193.51 million. During the same quarter last year, the business posted ($0.28) EPS. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. increased its holdings in shares of Myriad Genetics by 96.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,101 shares of the company’s stock valued at $34,000 after acquiring an additional 1,032 shares during the period. Blue Trust Inc. grew its position in Myriad Genetics by 21.4% during the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock worth $129,000 after purchasing an additional 1,186 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Myriad Genetics by 90.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock valued at $188,000 after buying an additional 4,193 shares during the last quarter. Clarus Wealth Advisors acquired a new stake in shares of Myriad Genetics during the fourth quarter worth about $204,000. Finally, Mutual of America Capital Management LLC grew its holdings in shares of Myriad Genetics by 8.1% during the fourth quarter. Mutual of America Capital Management LLC now owns 15,519 shares of the company’s stock worth $297,000 after buying an additional 1,167 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also 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, and 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.