Myriad Genetics’ (MYGN) Hold Rating Reaffirmed at Cowen and Company
Myriad Genetics, Inc. (NASDAQ:MYGN)‘s stock had its “hold” rating reiterated by analysts at Cowen and Company in a research note issued on Sunday. They presently have a $25.00 target price on the stock. Cowen and Company’s target price indicates a potential downside of 23.94% from the stock’s previous close.
Other equities analysts have also issued reports about the stock. BidaskClub upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Zacks Investment Research upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Monday, July 17th. Barclays PLC cut their price objective on shares of Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 9th. Deutsche Bank AG upgraded shares of Myriad Genetics from a “sell” rating to a “hold” rating and cut their price objective for the company from $27.86 to $15.00 in a research report on Friday, August 18th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $23.00 price objective (up from $21.00) on shares of Myriad Genetics in a research report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $21.22.
Myriad Genetics (MYGN) opened at 32.87 on Friday. Myriad Genetics has a 12 month low of $15.15 and a 12 month high of $33.42. The stock has a 50 day moving average of $28.75 and a 200 day moving average of $23.22. The firm has a market capitalization of $2.25 billion, a PE ratio of 103.04 and a beta of 0.26.
Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The company had revenue of $200.50 million during the quarter, compared to analyst estimates of $193.71 million. During the same period last year, the business earned $0.36 earnings per share. Myriad Genetics’s revenue was up 7.5% compared to the same quarter last year. On average, equities analysts predict that Myriad Genetics will post $1.02 earnings per share for the current fiscal year.
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In related news, Director John T. Henderson sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $30.30, for a total value of $909,000.00. Following the sale, the director now directly owns 52,524 shares of the company’s stock, valued at $1,591,477.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.20% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in MYGN. BlackRock Inc. raised its stake in Myriad Genetics by 168,335.7% in the first quarter. BlackRock Inc. now owns 9,541,884 shares of the company’s stock valued at $183,203,000 after purchasing an additional 9,536,219 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in Myriad Genetics by 7,026.7% in the second quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock valued at $70,862,000 after purchasing an additional 2,703,860 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Myriad Genetics by 59.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,642,820 shares of the company’s stock valued at $50,742,000 after purchasing an additional 987,966 shares in the last quarter. Vanguard Group Inc. raised its stake in Myriad Genetics by 16.8% in the first quarter. Vanguard Group Inc. now owns 6,251,030 shares of the company’s stock valued at $120,020,000 after purchasing an additional 897,287 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Myriad Genetics by 131.2% in the first quarter. Bank of New York Mellon Corp now owns 918,305 shares of the company’s stock valued at $17,632,000 after purchasing an additional 521,146 shares in the last quarter.
Myriad Genetics Company Profile
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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