Myriad Genetics (NASDAQ:MYGN) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank began coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report released on Thursday, MarketBeat reports. The brokerage issued a sector outperform rating and a $29.00 target price on the stock.

Other analysts also recently issued reports about the company. Leerink Partnrs raised Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Jefferies Financial Group reaffirmed an underperform rating and issued a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. SVB Leerink raised Myriad Genetics from a market perform rating to an outperform rating and raised their target price for the stock from $25.00 to $35.00 in a research note on Wednesday, May 8th. Finally, Piper Sandler raised their target price on Myriad Genetics from $23.00 to $28.00 and gave the stock a neutral rating in a research note on Monday, May 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $25.33.

Myriad Genetics Stock Up 0.6 %

NASDAQ MYGN opened at $24.46 on Thursday. The business has a fifty day moving average price of $22.64 and a 200 day moving average price of $21.60. Myriad Genetics has a one year low of $13.82 and a one year high of $25.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99. The company has a market cap of $2.21 billion, a P/E ratio of -8.67 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.09. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The firm had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. During the same period in the prior year, the company earned ($0.28) EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the sale, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the transaction, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul J. Diaz sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total value of $1,880,250.00. Following the transaction, the chief executive officer now owns 1,066,166 shares of the company’s stock, valued at $26,728,781.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,832 shares of company stock valued at $3,574,217. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of MYGN. Blue Trust Inc. boosted its stake in shares of Myriad Genetics by 21.4% in the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock valued at $129,000 after buying an additional 1,186 shares during the period. Ameritas Investment Partners Inc. boosted its stake in shares of Myriad Genetics by 9.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after buying an additional 720 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Myriad Genetics by 90.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock valued at $188,000 after buying an additional 4,193 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in shares of Myriad Genetics by 388.0% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 10,253 shares of the company’s stock valued at $196,000 after buying an additional 8,152 shares during the period. Finally, Clarus Wealth Advisors purchased a new position in shares of Myriad Genetics in the 4th quarter valued at about $204,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.