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

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

MYGN has been the topic of several research analyst reports. Wells Fargo & Company reduced their price objective on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings downgraded Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 24th. Finally, TD Cowen dropped their target price on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, May 6th.

Myriad Genetics Stock Up 3.9%

NASDAQ MYGN opened at $6.10 on Friday. The business has a fifty day moving average price of $4.61 and a two-hundred day moving average price of $5.02. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. Myriad Genetics has a fifty-two week low of $3.53 and a fifty-two week high of $8.59. The stock has a market capitalization of $576.14 million, a PE ratio of -1.42 and a beta of 1.64.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. acquired a new stake in shares of Myriad Genetics during the first quarter valued at about $105,000. Royal Bank of Canada raised its holdings in Myriad Genetics by 82.4% in the 1st quarter. Royal Bank of Canada now owns 33,326 shares of the company’s stock valued at $296,000 after buying an additional 15,057 shares during the last quarter. AQR Capital Management LLC raised its holdings in Myriad Genetics by 278.9% in the 1st quarter. AQR Capital Management LLC now owns 433,392 shares of the company’s stock valued at $3,844,000 after buying an additional 319,007 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Myriad Genetics by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company’s stock valued at $2,654,000 after buying an additional 14,027 shares during the last quarter. Finally, Jane Street Group LLC boosted its position in Myriad Genetics by 1,076.9% during the 1st quarter. Jane Street Group LLC now owns 213,826 shares of the company’s stock worth $1,897,000 after buying an additional 195,658 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.