Myriad Genetics Inc. (MYGN) Rating Reiterated by Bank of America Corp.
Myriad Genetics Inc. (NASDAQ:MYGN)‘s stock had its “sell” rating reissued by analysts at Bank of America Corp. in a note issued to investors on Monday.
MYGN has been the subject of a number of other research reports. Gabelli cut Myriad Genetics from a “buy” rating to a “hold” rating and lowered their price objective for the company from $46.00 to $32.00 in a research note on Wednesday, August 10th. Morgan Stanley lowered their price objective on Myriad Genetics from $25.00 to $21.00 and set an “underweight” rating for the company in a research note on Wednesday, August 10th. Jefferies Group reduced their target price on Myriad Genetics from $34.00 to $20.00 and set a “hold” rating for the company in a report on Thursday, August 11th. Zacks Investment Research raised Myriad Genetics from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Wednesday, July 27th. Finally, Barclays PLC lowered Myriad Genetics from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $50.00 to $24.00 in a report on Wednesday, August 10th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $31.00.
Shares of Myriad Genetics (NASDAQ:MYGN) traded down 11.60% during mid-day trading on Monday, reaching $18.87. The company had a trading volume of 3,482,073 shares. The firm has a 50 day moving average of $20.97 and a 200-day moving average of $30.07. The stock has a market capitalization of $1.30 billion, a P/E ratio of 11.04 and a beta of 0.54. Myriad Genetics has a one year low of $18.58 and a one year high of $46.24.
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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. The company had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $187.95 million. Myriad Genetics had a net margin of 14.98% and a return on equity of 16.06%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. Analysts forecast that Myriad Genetics will post $1.07 EPS for the current fiscal year.
In related news, Director John T. Henderson sold 30,000 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $20.49, for a total value of $614,700.00. Following the sale, the director now directly owns 49,493 shares in the company, valued at $1,014,111.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark Christopher Capone bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The stock was purchased at an average price of $21.24 per share, for a total transaction of $212,400.00. Following the completion of the transaction, the insider now directly owns 146,026 shares of the company’s stock, valued at approximately $3,101,592.24. The disclosure for this purchase can be found here. 5.80% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of MYGN. Vanguard Group Inc. increased its stake in shares of Myriad Genetics by 2.4% in the second quarter. Vanguard Group Inc. now owns 5,196,666 shares of the company’s stock worth $159,018,000 after buying an additional 121,681 shares during the period. BlackRock Fund Advisors increased its stake in shares of Myriad Genetics by 2.7% in the first quarter. BlackRock Fund Advisors now owns 2,730,915 shares of the company’s stock worth $102,218,000 after buying an additional 72,034 shares during the period. State Street Corp increased its stake in shares of Myriad Genetics by 9.3% in the first quarter. State Street Corp now owns 2,200,112 shares of the company’s stock worth $82,349,000 after buying an additional 188,101 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Myriad Genetics by 7.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,865,430 shares of the company’s stock worth $69,823,000 after buying an additional 121,266 shares during the period. Finally, Sterling Capital Management LLC increased its stake in shares of Myriad Genetics by 6.3% in the second quarter. Sterling Capital Management LLC now owns 1,523,758 shares of the company’s stock worth $46,627,000 after buying an additional 90,420 shares during the period.
About Myriad Genetics
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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