Upgrades Myriad Genetics (NASDAQ:MYGN) to Buy

Myriad Genetics (NASDAQ:MYGN – Get Rating) was upgraded by stock analysts at from a “hold” rating to a “buy” rating in a report released on Thursday.

Other analysts also recently issued reports about the stock. The Goldman Sachs Group cut their target price on shares of Myriad Genetics from $26.00 to $23.00 and set a “sell” rating on the stock in a research note on Tuesday, April 19th. TheStreet downgraded shares of Myriad Genetics from a “c-” rating to a “d+” rating in a research note on Friday, June 3rd.

Shares of NASDAQ:MYGN opened at $16.83 on Thursday. Myriad Genetics has a one year low of $16.22 and a one year high of $36.95. The stock has a fifty day moving average of $21.11 and a 200-day moving average of $24.13. The company has a market capitalization of $1.35 billion, a PE ratio of -140.25 and a beta of 1.57.

Myriad Genetics (NASDAQ:MYGN – Get Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.01. Myriad Genetics had a negative return on equity of 2.75% and a negative net margin of 1.20%. The company had revenue of $164.90 million during the quarter, compared to the consensus estimate of $156.09 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, research analysts expect that Myriad Genetics will post -0.33 earnings per share for the current fiscal year.


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In other news, Director Daniel K. Spiegelman sold 6,424 shares of the company’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $19.25, for a total value of $123,662.00. Following the transaction, the director now directly owns 33,980 shares of the company’s stock, valued at $654,115. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in MYGN. Wellington Management Group LLP lifted its stake in shares of Myriad Genetics by 225.4% in the third quarter. Wellington Management Group LLP now owns 3,231,212 shares of the company’s stock valued at $104,336,000 after buying an additional 2,238,076 shares during the period. BlackRock Inc. raised its position in Myriad Genetics by 8.3% in the fourth quarter. BlackRock Inc. Now owns 14,684,787 shares of the company’s stock worth $405,301,000 after purchasing an additional 1,123,482 shares in the last quarter. Bank of America Corp DE raised its position in Myriad Genetics by 10.8% in the first quarter. Bank of America Corp DE now owns 2,759,204 shares of the company’s stock worth $69,531,000 after purchasing an additional 269,887 shares in the last quarter. Balyasny Asset Management LLC acquired a new position in Myriad Genetics in the third quarter worth about $7,142,000. Finally, Renaissance Technologies LLC raised its position in Myriad Genetics by 195.2% in the third quarter. Renaissance Technologies LLC now owns 211,574 shares of the company’s stock worth $6,832,000 after purchasing an additional 139,900 shares in the last quarter. Institutional investors own 97.44% of the company’s stock.

About Myriad Genetics (Get Rating)

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women’s and mental health applications. It 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, or 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.

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