Myriad Genetics, Inc. (NASDAQ:MYGN) Receives $6.50 Average Target Price from Analysts

Myriad Genetics, Inc. (NASDAQ:MYGN) has been assigned an average recommendation of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $6.50.

Several research firms have issued reports on MYGN. TD Cowen cut their price objective on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company cut their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. UBS Group cut their price objective on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a research report on Tuesday, February 24th. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, June 4th. Finally, Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 26th.

Myriad Genetics Price Performance

Myriad Genetics stock opened at $4.33 on Wednesday. Myriad Genetics has a 12 month low of $3.53 and a 12 month high of $8.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The business has a 50 day simple moving average of $4.42 and a 200-day simple moving average of $5.27. The stock has a market capitalization of $408.97 million, a PE ratio of -1.01 and a beta of 1.74.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The company had revenue of $200.40 million for the quarter, compared to analysts’ expectations of $202.42 million. Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.Myriad Genetics’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.03) EPS. Equities analysts predict that Myriad Genetics will post -0.17 earnings per share for the current year.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro acquired 7,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $3.69 per share, with a total value of $27,675.00. Following the transaction, the director directly owned 97,441 shares of the company’s stock, valued at $359,557.29. This represents a 8.34% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Myriad Genetics

Several large investors have recently bought and sold shares of the company. Orbimed Advisors LLC acquired a new stake in Myriad Genetics in the first quarter valued at $562,500,000. Vanguard Group Inc. grew its holdings in Myriad Genetics by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock valued at $50,586,000 after purchasing an additional 342,856 shares during the last quarter. Millennium Management LLC grew its holdings in Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock valued at $41,206,000 after purchasing an additional 1,951,831 shares during the last quarter. State Street Corp grew its holdings in Myriad Genetics by 19.9% in the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock valued at $36,694,000 after purchasing an additional 990,075 shares during the last quarter. Finally, Glenview Capital Management LLC grew its holdings in Myriad Genetics by 17.6% in the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock valued at $24,359,000 after purchasing an additional 687,857 shares during the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.