Brokerages Set Myriad Genetics, Inc. (NASDAQ:MYGN) Price Target at $28.60

Myriad Genetics, Inc. (NASDAQ:MYGN) has been assigned an average rating of “Hold” from the twelve brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $28.91.

A number of analysts have weighed in on MYGN shares. TD Cowen increased their price objective on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Scotiabank upped their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group reissued an “underperform” rating and set a $20.00 price target (down from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Finally, Piper Sandler lifted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th.

Myriad Genetics Stock Down 0.6 %

Shares of NASDAQ MYGN opened at $28.29 on Friday. The business has a 50-day moving average price of $27.42 and a 200 day moving average price of $24.04. The stock has a market cap of $2.56 billion, a PE ratio of -10.09 and a beta of 1.92. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The company had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. During the same period last year, the firm posted ($0.21) EPS. Myriad Genetics’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities research analysts forecast that Myriad Genetics will post -0.34 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now owns 121,648 shares in the company, valued at $3,290,578.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its stake in shares of Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after purchasing an additional 491 shares in the last quarter. Amalgamated Bank grew its stake in Myriad Genetics by 2.2% during the fourth quarter. Amalgamated Bank now owns 32,359 shares of the company’s stock worth $619,000 after buying an additional 692 shares during the period. Ameritas Investment Partners Inc. grew its stake in Myriad Genetics by 9.0% during the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after buying an additional 720 shares during the period. Arizona State Retirement System increased its position in shares of Myriad Genetics by 3.4% in the second quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock worth $615,000 after acquiring an additional 829 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Myriad Genetics by 1.5% in the 2nd quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock valued at $1,389,000 after acquiring an additional 846 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.