Myriad Genetics Inc. (MYGN) Earns Sell Rating from Bank of America Corp.
Myriad Genetics Inc. (NASDAQ:MYGN)‘s stock had its “sell” rating reiterated by analysts at Bank of America Corp. in a report issued on Monday.
A number of other research analysts have also weighed in on MYGN. Barclays PLC restated an “overweight” rating and issued a $50.00 target price on shares of Myriad Genetics in a report on Wednesday, July 6th. Mizuho restated a “neutral” rating and issued a $34.00 target price on shares of Myriad Genetics in a report on Wednesday, July 6th. Zacks Investment Research upgraded Myriad Genetics from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Wednesday, July 27th. Piper Jaffray Cos. lowered Myriad Genetics from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $47.00 to $22.00 in a report on Wednesday, August 10th. Finally, Wells Fargo & Co. lowered Myriad Genetics from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 10th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Myriad Genetics has an average rating of “Hold” and a consensus price target of $31.00.
Shares of Myriad Genetics (NASDAQ:MYGN) traded down 11.64% on Monday, reaching $18.86. The company’s stock had a trading volume of 3,226,709 shares. Myriad Genetics has a 52-week low of $18.58 and a 52-week high of $46.24. The firm’s 50 day moving average is $20.97 and its 200-day moving average is $30.07. The stock has a market cap of $1.30 billion, a P/E ratio of 11.03 and a beta of 0.54.
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Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, August 9th. The company reported $0.36 earnings per share 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 company earned $186.50 million during the quarter, compared to the consensus estimate of $187.95 million. During the same quarter in the prior year, the business earned $0.41 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Myriad Genetics will post $1.07 EPS for the current year.
In related news, insider Mark Christopher Capone purchased 10,000 shares of Myriad Genetics stock in a transaction dated Friday, August 19th. The stock was bought at an average cost of $21.24 per share, for a total transaction of $212,400.00. Following the completion of the transaction, the insider now owns 146,026 shares in the company, valued at $3,101,592.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Henderson sold 30,000 shares of Myriad Genetics stock in a transaction on Monday, September 12th. The shares were sold at an average price of $20.49, for a total value of $614,700.00. Following the completion of the transaction, the director now owns 49,493 shares of the company’s stock, valued at $1,014,111.57. The disclosure for this sale can be found here. 5.80% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC bought a new position in shares of Myriad Genetics during the first quarter valued at $109,000. Societe Generale bought a new position in shares of Myriad Genetics during the second quarter valued at $120,000. C M Bidwell & Associates Ltd. bought a new position in shares of Myriad Genetics during the first quarter valued at $148,000. US Bancorp DE boosted its position in shares of Myriad Genetics by 55.0% in the second quarter. US Bancorp DE now owns 4,122 shares of the company’s stock valued at $126,000 after buying an additional 1,462 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Myriad Genetics by 123.4% in the first quarter. BlackRock Inc. now owns 4,715 shares of the company’s stock valued at $176,000 after buying an additional 2,604 shares during the period.
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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