Myriad Genetics (NASDAQ:MYGN) was downgraded by research analysts at Piper Jaffray Companies from an “overweight” rating to a “neutral” rating in a report issued on Wednesday, The Fly reports.
A number of other equities analysts also recently issued reports on MYGN. BidaskClub raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Tuesday, August 6th. ValuEngine raised shares of Myriad Genetics from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Bank of America raised shares of Myriad Genetics from an “underperform” rating to a “neutral” rating in a report on Friday, August 2nd. Deutsche Bank lifted their price target on shares of Myriad Genetics from $32.00 to $45.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Needham & Company LLC downgraded shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, July 29th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $38.94.
MYGN opened at $44.55 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.86 and a current ratio of 3.15. The stock has a market capitalization of $3.31 billion, a P/E ratio of 37.13, a price-to-earnings-growth ratio of 2.14 and a beta of 0.81. The business has a 50 day simple moving average of $32.01. Myriad Genetics has a 12-month low of $22.07 and a 12-month high of $50.44.
Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $215.40 million for the quarter, compared to the consensus estimate of $221.64 million. Myriad Genetics had a net margin of 2.62% and a return on equity of 9.82%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. As a group, research analysts predict that Myriad Genetics will post 1.44 EPS for the current fiscal year.
In other news, CFO Richard Bryan Riggsbee sold 25,000 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $41.50, for a total transaction of $1,037,500.00. Following the sale, the chief financial officer now 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 at this link. Also, insider Bernard Tobin sold 11,712 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $40.00, for a total transaction of $468,480.00. Following the sale, the insider now owns 146,040 shares in the company, valued at approximately $5,841,600. The disclosure for this sale can be found here. Insiders have sold 96,712 shares of company stock worth $4,115,380 in the last ninety days. Insiders own 5.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc bought a new position in Myriad Genetics during the second quarter valued at $64,000. Crestline Management LP bought a new position in Myriad Genetics during the second quarter valued at $611,000. BlackRock Inc. increased its position in Myriad Genetics by 4.2% during the second quarter. BlackRock Inc. now owns 12,535,346 shares of the company’s stock valued at $348,233,000 after acquiring an additional 509,214 shares during the last quarter. S&T Bank PA increased its position in Myriad Genetics by 11.3% during the second quarter. S&T Bank PA now owns 166,772 shares of the company’s stock valued at $4,633,000 after acquiring an additional 16,974 shares during the last quarter. Finally, Pinebridge Investments L.P. increased its position in Myriad Genetics by 15.2% during the second quarter. Pinebridge Investments L.P. now owns 59,228 shares of the company’s stock valued at $1,645,000 after acquiring an additional 7,800 shares during the last quarter. Hedge funds and other institutional investors own 99.22% of the company’s stock.
Myriad Genetics Company Profile
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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