Myriad Genetics (NASDAQ:MYGN) Upgraded at TD Cowen

TD Cowen upgraded shares of Myriad Genetics (NASDAQ:MYGN) to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the company. UBS Group decreased their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Wells Fargo & Company lowered their price objective on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 24th. Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a report on Friday, March 27th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.94.

Myriad Genetics Price Performance

NASDAQ MYGN opened at $5.19 on Monday. Myriad Genetics has a fifty-two week low of $3.76 and a fifty-two week high of $8.59. The stock’s 50-day moving average is $4.73 and its two-hundred day moving average is $6.14. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.49 and a quick ratio of 2.26. The firm has a market cap of $485.31 million, a P/E ratio of -1.32 and a beta of 1.86.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Monday, February 23rd. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.06. The company had revenue of $209.80 million for the quarter, compared to analyst estimates of $207.57 million. Myriad Genetics had a negative return on equity of 6.35% and a negative net margin of 44.38%.The business’s revenue was down .4% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. On average, analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Myriad Genetics news, Director S. Louise Phanstiel acquired 50,407 shares of Myriad Genetics stock in a transaction dated Thursday, February 26th. The stock was bought at an average cost of $4.80 per share, for a total transaction of $241,953.60. Following the purchase, the director directly owned 233,951 shares in the company, valued at approximately $1,122,964.80. This represents a 27.46% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Samraat S. Raha acquired 40,000 shares of Myriad Genetics stock in a transaction dated Monday, March 9th. The shares were acquired at an average price of $5.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the chief executive officer owned 493,104 shares in the company, valued at approximately $2,465,520. The trade was a 8.83% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 144,507 shares of company stock valued at $694,548. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Myriad Genetics by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after buying an additional 342,856 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Myriad Genetics by 41.1% during the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after buying an additional 1,951,831 shares during the last quarter. State Street Corp boosted its stake in shares of Myriad Genetics by 19.9% during the 4th quarter. State Street Corp now owns 5,966,567 shares of the company’s stock worth $36,694,000 after buying an additional 990,075 shares during the last quarter. Glenview Capital Management LLC boosted its stake in shares of Myriad Genetics by 17.6% during the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after buying an additional 687,857 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of Myriad Genetics by 157.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after buying an additional 1,492,405 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

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.