Myriad Genetics, Inc. (NASDAQ:MYGN) Upgraded at Zacks Investment Research
Myriad Genetics, Inc. (NASDAQ:MYGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $28.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.18% from the company’s current price.
According to Zacks, “Over the last three months, Myriad Genetics has been trading above the broader Medical – Biomedical and Genetics industry. The company saw strong growth in EndoPredict test revenues and sequential growth in hereditary cancer volumes in the last reported quarter. Recently, Myriad’s companion diagnostic program received a major boost in a new cancer indication, in collaboration with AstraZeneca. We are also optimistic in regard to Myriad’s collaboration with BeiGene for development of companion diagnostics. On the flip side, gross margin scenario is disappointing. Also the company’s narrowing bottom line guidance for fiscal 2017 is discouraging, indicating a looming concern ahead. Currency fluctuations and stiff competition are other major headwinds for the company.”
Other analysts have also issued reports about the company. BidaskClub upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, June 17th. Jefferies Group LLC restated a “hold” rating and issued a $18.00 target price on shares of Myriad Genetics in a research note on Friday, March 24th. Piper Jaffray Companies restated a “hold” rating and issued a $22.00 target price on shares of Myriad Genetics in a research note on Friday. Cowen and Company restated a “hold” rating and issued a $25.00 target price on shares of Myriad Genetics in a research note on Friday. Finally, Deutsche Bank AG raised their target price on Myriad Genetics from $15.00 to $20.00 and gave the company a “sell” rating in a research note on Monday, May 8th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.00.
Myriad Genetics (NASDAQ MYGN) traded up 0.65% during midday trading on Monday, reaching $24.90. 239,857 shares of the company traded hands. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 53.21 and a beta of 0.32. Myriad Genetics has a 12-month low of $15.15 and a 12-month high of $32.54. The company has a 50-day moving average price of $22.64 and a 200-day moving average price of $19.25.
Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, May 2nd. The company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.03. Myriad Genetics had a return on equity of 10.53% and a net margin of 4.26%. The company had revenue of $196.90 million during the quarter, compared to analyst estimates of $188.89 million. On average, analysts predict that Myriad Genetics will post $1.01 earnings per share for the current fiscal year.
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Institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in shares of Myriad Genetics during the first quarter worth about $112,000. Creative Planning boosted its position in shares of Myriad Genetics by 11.8% in the first quarter. Creative Planning now owns 6,371 shares of the company’s stock worth $122,000 after buying an additional 671 shares during the period. State of Alaska Department of Revenue bought a new position in shares of Myriad Genetics during the first quarter worth about $144,000. Karp Capital Management Corp bought a new position in shares of Myriad Genetics during the first quarter worth about $223,000. Finally, Opus Point Partners Management LLC bought a new position in shares of Myriad Genetics during the fourth quarter worth about $232,000.
About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment 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 to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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