Barclays Lowers Myriad Genetics (NASDAQ:MYGN) to Underweight

Myriad Genetics (NASDAQ:MYGN) was downgraded by equities researchers at Barclays from an “equal weight” rating to an “underweight” rating in a note issued to investors on Wednesday, The Fly reports.

Several other analysts have also issued reports on MYGN. Zacks Investment Research upgraded Myriad Genetics from a “sell” rating to a “hold” rating and set a $30.00 target price on the stock in a research note on Monday, July 1st. BidaskClub upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Tuesday, August 6th. Cowen lowered Myriad Genetics from an “outperform” rating to a “market perform” rating and set a $26.64 target price on the stock. in a research note on Tuesday, July 9th. ValuEngine upgraded Myriad Genetics from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Deutsche Bank lowered their target price on Myriad Genetics from $45.00 to $35.00 and set a “hold” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $37.64.

Shares of MYGN traded down $19.06 during mid-day trading on Wednesday, hitting $25.49. The stock had a trading volume of 511,258 shares, compared to its average volume of 1,043,926. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 2.14 and a beta of 0.81. The stock’s fifty day moving average price is $32.01. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.86 and a current ratio of 3.15. Myriad Genetics has a 52 week low of $22.07 and a 52 week high of $50.44.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, August 13th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The firm had revenue of $215.40 million for the quarter, compared to analyst estimates of $221.64 million. Myriad Genetics had a return on equity of 9.82% and a net margin of 2.62%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. As a group, research analysts predict that Myriad Genetics will post 1.44 earnings per share for the current year.

In related news, CFO Richard Bryan Riggsbee sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $41.50, for a total transaction of $1,037,500.00. Following the completion of the transaction, the chief financial officer now directly owns 120,566 shares in the company, valued at $5,003,489. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Bernard Tobin sold 11,712 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $40.00, for a total value of $468,480.00. Following the transaction, the insider now owns 146,040 shares of the company’s stock, valued at $5,841,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,712 shares of company stock valued at $4,115,380. 5.80% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its holdings in Myriad Genetics by 8.9% in the 2nd quarter. Bank of America Corp DE now owns 172,516 shares of the company’s stock worth $4,793,000 after buying an additional 14,135 shares during the period. Marshall Wace North America L.P. grew its position in shares of Myriad Genetics by 6,443.3% in the 2nd quarter. Marshall Wace North America L.P. now owns 74,267 shares of the company’s stock worth $2,064,000 after buying an additional 73,132 shares during the last quarter. Invesco Ltd. grew its position in shares of Myriad Genetics by 19.7% in the 2nd quarter. Invesco Ltd. now owns 1,856,133 shares of the company’s stock worth $51,563,000 after buying an additional 305,143 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $64,000. Finally, Crestline Management LP bought a new stake in shares of Myriad Genetics in the 2nd quarter worth approximately $611,000. Institutional investors and hedge funds own 99.22% of the company’s stock.

About Myriad Genetics

Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.

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Analyst Recommendations for Myriad Genetics (NASDAQ:MYGN)

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