TD Cowen Boosts Myriad Genetics (NASDAQ:MYGN) Price Target to $30.00

Myriad Genetics (NASDAQ:MYGN) had its price objective raised by equities research analysts at TD Cowen from $28.00 to $30.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target suggests a potential upside of 12.61% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Jefferies Financial Group reiterated an “underperform” rating and issued a $20.00 price objective (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. JPMorgan Chase & Co. increased their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday. Leerink Partnrs upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Scotiabank assumed coverage on Myriad Genetics in a research report on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 price target for the company. Finally, SVB Leerink raised Myriad Genetics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $25.00 to $35.00 in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.40.

Myriad Genetics Stock Performance

NASDAQ MYGN traded up $0.68 during trading hours on Wednesday, reaching $26.64. The company’s stock had a trading volume of 1,400,233 shares, compared to its average volume of 738,364. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The business has a 50-day simple moving average of $25.01 and a 200 day simple moving average of $22.89. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $28.90. The stock has a market cap of $2.41 billion, a PE ratio of -9.45 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results 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. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.21) EPS. Equities research analysts predict that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $25.30, for a total value of $156,860.00. Following the sale, the director now directly owns 66,650 shares in the company, valued at approximately $1,686,245. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the sale, the director now directly owns 36,705 shares of the company’s stock, valued at $808,978.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lee Nisley Newcomer sold 6,200 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $25.30, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 66,650 shares of the company’s stock, valued at approximately $1,686,245. The disclosure for this sale can be found here. Insiders have sold a total of 142,832 shares of company stock valued at $3,574,217 over the last three months. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. Hexagon Capital Partners LLC raised its position in Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after buying an additional 491 shares during the period. Innealta Capital LLC purchased a new position in Myriad Genetics during the 2nd quarter valued at about $36,000. Neo Ivy Capital Management purchased a new position in Myriad Genetics during the 2nd quarter valued at about $85,000. Quest Partners LLC increased its holdings in shares of Myriad Genetics by 10,724.5% in the 2nd quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock valued at $130,000 after purchasing an additional 5,255 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Myriad Genetics in the second quarter worth approximately $162,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.