Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Average Recommendation of “Hold” from Brokerages

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned an average rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $23.17.

A number of research firms recently weighed in on MYGN. Wells Fargo & Company began coverage on shares of Myriad Genetics in a research note on Tuesday, December 19th. They set an “equal weight” rating and a $20.00 target price on the stock. The Goldman Sachs Group upped their target price on shares of Myriad Genetics from $28.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. Finally, Piper Sandler began coverage on shares of Myriad Genetics in a research note on Thursday, December 21st. They set a “neutral” rating and a $23.00 target price on the stock.

Myriad Genetics Stock Down 1.9 %

Shares of MYGN opened at $19.17 on Tuesday. The stock has a market capitalization of $1.72 billion, a PE ratio of -5.99 and a beta of 1.95. Myriad Genetics has a 1 year low of $13.82 and a 1 year high of $24.21. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.87 and a current ratio of 2.01. The company’s 50-day simple moving average is $21.82 and its 200-day simple moving average is $19.45.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.03. The business had revenue of $196.60 million for the quarter, compared to analysts’ expectations of $194.80 million. Myriad Genetics had a negative net margin of 34.96% and a negative return on equity of 8.03%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.20) earnings per share. Analysts forecast that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. increased its stake in Myriad Genetics by 96.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,101 shares of the company’s stock valued at $34,000 after purchasing an additional 1,032 shares during the last quarter. Royal Bank of Canada increased its stake in Myriad Genetics by 29.0% in the third quarter. Royal Bank of Canada now owns 2,339 shares of the company’s stock valued at $44,000 after purchasing an additional 526 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Myriad Genetics by 99.8% during the first quarter. Tower Research Capital LLC TRC now owns 2,654 shares of the company’s stock worth $62,000 after acquiring an additional 1,326 shares during the last quarter. Natixis purchased a new position in shares of Myriad Genetics during the fourth quarter worth approximately $44,000. Finally, Point72 Hong Kong Ltd grew its position in shares of Myriad Genetics by 722.8% during the second quarter. Point72 Hong Kong Ltd now owns 3,217 shares of the company’s stock worth $58,000 after acquiring an additional 2,826 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.