Myriad Genetics Upgraded by Credit Suisse to “Neutral” (MYGN)
Myriad Genetics (NASDAQ:MYGN) was upgraded by research analysts at Credit Suisse from an “underperform” rating to a “neutral” rating in a report released on Friday, TheFlyOnTheWall.com reports. The firm currently has a $29.00 target price on the stock. Credit Suisse’s price objective indicates a potential downside of 10.02% from the stock’s previous close.
A number of other analysts have also recently weighed in on MYGN. Analysts at Ladenburg Thalmann downgraded shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday. Separately, analysts at JMP Securities upgraded shares of Myriad Genetics from an “underperform” rating to a “market perform” rating in a research note to investors on Wednesday. They now have a $30.80 price target on the stock. Finally, analysts at Mizuho raised their price target on shares of Myriad Genetics from $24.00 to $28.00 in a research note to investors on Wednesday. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.77.
In other Myriad Genetics news, Insider Peter Meldrum unloaded 123,940 shares of the stock on the open market in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $31.10, for a total transaction of $3,854,534.00. Following the completion of the sale, the insider now directly owns 55,656 shares of the company’s stock, valued at approximately $1,730,902. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Myriad Genetics (NASDAQ:MYGN) opened at 32.23 on Friday. Myriad Genetics has a 52 week low of $20.02 and a 52 week high of $38.27. The stock has a 50-day moving average of $24.67 and a 200-day moving average of $26.2. The company has a market cap of $2.409 billion and a price-to-earnings ratio of 14.99. Myriad Genetics also saw a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 37,849,186 shares, an increase of 6.1% from the December 31st total of 35,540,224 shares. Approximately 50.8% of the company’s stock are sold short. Based on an average daily trading volume, of 2,411,854 shares, the days-to-cover ratio is presently 15.7 days.
Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.66 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.46 by $0.20. The company had revenue of $204.06 million for the quarter, compared to the consensus estimate of $176.02 million. During the same quarter last year, the company posted $0.42 earnings per share. Myriad Genetics’s revenue was up 36.9% compared to the same quarter last year. On average, analysts predict that Myriad Genetics will post $2.17 earnings per share for the current fiscal year.
Myriad Genetics, Inc (NASDAQ:MYGN) is a molecular diagnostic company.