Bank of America upgraded shares of Myriad Genetics (NASDAQ:MYGN) from an underperform rating to a neutral rating in a research report sent to investors on Friday morning, BenzingaRatingsTable reports.
Several other research analysts also recently weighed in 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 sell rating to a hold rating in a research note on Saturday, May 4th. ValuEngine upgraded Myriad Genetics from a sell rating to a hold rating in a research note on Thursday. Barclays upgraded Myriad Genetics from an underweight rating to an equal weight rating and lifted their target price for the company from $18.00 to $40.00 in a research note on Thursday. Finally, Cowen downgraded 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. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Myriad Genetics currently has an average rating of Hold and an average price target of $39.74.
Shares of MYGN stock traded up $2.07 during midday trading on Friday, hitting $47.08. The company had a trading volume of 4,078,880 shares, compared to its average volume of 637,780. The stock has a 50 day simple moving average of $27.20. Myriad Genetics has a 52-week low of $22.07 and a 52-week high of $50.44. The firm has a market capitalization of $2.14 billion, a PE ratio of 39.23, a price-to-earnings-growth ratio of 2.38 and a beta of 0.81. 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 (NASDAQ:MYGN) last announced its earnings results on Tuesday, May 7th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.04). Myriad Genetics had a net margin of 2.62% and a return on equity of 9.82%. The company had revenue of $216.60 million during the quarter, compared to analysts’ expectations of $217.76 million. During the same quarter last year, the business posted $0.34 earnings per share. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Analysts forecast that Myriad Genetics will post 1.44 EPS for the current fiscal year.
In related news, CFO Richard Bryan Riggsbee sold 25,000 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $41.50, for a total value of $1,037,500.00. Following the sale, 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 can be accessed through this link. Also, VP Gary A. King sold 60,000 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $43.49, for a total value of $2,609,400.00. Following the completion of the sale, the vice president now owns 164,871 shares in the company, valued at $7,170,239.79. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,712 shares of company stock worth $4,115,380. Company insiders own 5.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. boosted its stake in shares of Myriad Genetics by 0.6% in the first quarter. Baillie Gifford & Co. now owns 9,540,586 shares of the company’s stock valued at $316,747,000 after buying an additional 55,642 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Myriad Genetics by 4.4% in the first quarter. Frontier Capital Management Co. LLC now owns 3,363,970 shares of the company’s stock valued at $111,684,000 after buying an additional 140,404 shares in the last quarter. Norges Bank purchased a new stake in shares of Myriad Genetics in the fourth quarter valued at approximately $33,803,000. Rothschild & Co. Asset Management US Inc. boosted its stake in shares of Myriad Genetics by 15.4% in the second quarter. Rothschild & Co. Asset Management US Inc. now owns 952,818 shares of the company’s stock valued at $26,469,000 after buying an additional 127,158 shares in the last quarter. Finally, Rice Hall James & Associates LLC boosted its stake in shares of Myriad Genetics by 13.0% in the first quarter. Rice Hall James & Associates LLC now owns 904,913 shares of the company’s stock valued at $30,043,000 after buying an additional 104,360 shares in the last quarter. Hedge funds and other institutional investors 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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