Brokerages Set Myriad Genetics, Inc. (NASDAQ:MYGN) PT at $8.94

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned an average rating of “Hold” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $8.9375.

Several brokerages have recently issued reports on MYGN. TD Cowen raised Myriad Genetics to a “hold” rating in a research note on Monday, April 13th. Wells Fargo & Company cut their target price on Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 24th. UBS Group cut their target price on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Myriad Genetics in a research note on Friday, March 27th. Finally, Zacks Research raised Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th.

Myriad Genetics Trading Down 5.7%

Shares of MYGN opened at $4.79 on Tuesday. The company has a quick ratio of 2.26, a current ratio of 2.49 and a debt-to-equity ratio of 0.33. Myriad Genetics has a 12-month low of $3.76 and a 12-month high of $8.59. The firm has a market capitalization of $452.37 million, a PE ratio of -1.22 and a beta of 1.86. The stock’s fifty day simple moving average is $4.74 and its 200-day simple moving average is $6.05.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Monday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.06. Myriad Genetics had a negative return on equity of 6.35% and a negative net margin of 44.38%.The business had revenue of $209.80 million for the quarter, compared to analyst estimates of $207.57 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, research analysts predict that Myriad Genetics will post -0.37 earnings per share for the current year.

Insider Activity

In related news, Director S. Louise Phanstiel bought 50,407 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were purchased at an average price of $4.80 per share, with a total value of $241,953.60. Following the completion of the purchase, the director owned 233,951 shares of the company’s stock, valued at $1,122,964.80. This represents a 27.46% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Samraat S. Raha bought 40,000 shares of the business’s stock in a transaction on Monday, March 9th. The stock was bought at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the purchase, the chief executive officer directly owned 493,104 shares of the company’s stock, valued at approximately $2,465,520. This trade represents a 8.83% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 144,507 shares of company stock worth $694,548 in the last three months. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently modified their holdings of MYGN. Baird Financial Group Inc. acquired a new stake in shares of Myriad Genetics during the first quarter worth about $105,000. Royal Bank of Canada raised its position in shares of Myriad Genetics by 82.4% during the first quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock worth $296,000 after purchasing an additional 15,057 shares during the period. AQR Capital Management LLC raised its position in shares of Myriad Genetics by 278.9% during the first quarter. AQR Capital Management LLC now owns 433,392 shares of the company’s stock worth $3,844,000 after purchasing an additional 319,007 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Myriad Genetics by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company’s stock worth $2,654,000 after purchasing an additional 14,027 shares during the period. Finally, Jane Street Group LLC raised its position in shares of Myriad Genetics by 1,076.9% during the first quarter. Jane Street Group LLC now owns 213,826 shares of the company’s stock worth $1,897,000 after purchasing an additional 195,658 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.