Ladenburg Thalmann Lowers Myriad Genetics Inc. (MYGN) to Sell
Myriad Genetics Inc. (NASDAQ:MYGN) was downgraded by stock analysts at Ladenburg Thalmann from a “neutral” rating to a “sell” rating in a research report issued on Monday. They presently have a $16.00 target price on the stock. Ladenburg Thalmann’s price target would suggest a potential downside of 25.04% from the stock’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Wells Fargo & Co. raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Sunday, August 21st. Zacks Investment Research cut shares of Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 16th. TheStreet cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Wednesday, August 10th. Jefferies Group cut their price objective on shares of Myriad Genetics from $34.00 to $20.00 and set a “hold” rating for the company in a research note on Thursday, August 11th. Finally, Stephens set a $30.00 price objective on shares of Myriad Genetics and gave the company a “buy” rating in a research note on Thursday, August 11th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $31.00.
Myriad Genetics (NASDAQ:MYGN) traded down 12.25% during trading on Monday, hitting $18.73. 2,676,599 shares of the stock traded hands. The stock has a market cap of $1.29 billion, a PE ratio of 10.95 and a beta of 0.54. Myriad Genetics has a 12 month low of $18.58 and a 12 month high of $46.24. The company has a 50-day moving average price of $20.97 and a 200-day moving average price of $30.07.
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Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. Myriad Genetics had a net margin of 14.98% and a return on equity of 16.06%. The business earned $186.50 million during the quarter, compared to analysts’ expectations of $187.95 million. During the same period last year, the company posted $0.41 EPS. Myriad Genetics’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts expect that Myriad Genetics will post $1.07 EPS for the current year.
In other Myriad Genetics news, Director John T. Henderson sold 30,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $20.49, for a total transaction of $614,700.00. Following the completion of the sale, the director now directly owns 49,493 shares in the company, valued at approximately $1,014,111.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark Christopher Capone acquired 10,000 shares of Myriad Genetics stock in a transaction on Friday, August 19th. The shares were purchased at an average price of $21.24 per share, with a total value of $212,400.00. Following the completion of the purchase, the insider now owns 146,026 shares in the company, valued at approximately $3,101,592.24. The disclosure for this purchase can be found here. 5.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC purchased a new stake in Myriad Genetics during the first quarter worth $109,000. Societe Generale purchased a new stake in Myriad Genetics during the second quarter worth $120,000. C M Bidwell & Associates Ltd. purchased a new stake in Myriad Genetics during the first quarter worth $148,000. US Bancorp DE raised its stake in Myriad Genetics by 55.0% in the second quarter. US Bancorp DE now owns 4,122 shares of the company’s stock worth $126,000 after buying an additional 1,462 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Myriad Genetics by 123.4% in the first quarter. BlackRock Inc. now owns 4,715 shares of the company’s stock worth $176,000 after buying an additional 2,604 shares in the last quarter.
Myriad Genetics Company Profile
Myriad Genetics, Inc (Myriad) is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. Myriad operates through two segments: diagnostics, which provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing, or assess a patient’s risk of disease progression and disease recurrence, and other, which provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients.
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