StockNews.com Upgrades Myriad Genetics (NASDAQ:MYGN) to “Buy”

StockNews.com upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a buy rating in a research note published on Tuesday morning.

Several other research firms have also recently issued reports on MYGN. Bank of America decreased their price target on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Monday, March 3rd. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their target price for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Leerink Partnrs lowered shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $30.00 to $21.00 in a report on Monday, December 9th. Finally, UBS Group decreased their price target on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $21.89.

Myriad Genetics Stock Performance

Shares of MYGN opened at $9.22 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. Myriad Genetics has a 1 year low of $9.18 and a 1 year high of $29.30. The firm has a fifty day moving average of $11.83 and a 200-day moving average of $16.70. The company has a market cap of $841.87 million, a price-to-earnings ratio of -7.09 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.12). The firm had revenue of $210.60 million during the quarter, compared to analyst estimates of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same quarter in the previous year, the business posted ($0.12) EPS. As a group, equities analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Myriad Genetics by 43.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 285,229 shares of the company’s stock worth $3,910,000 after purchasing an additional 86,973 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Myriad Genetics in the fourth quarter worth about $1,635,000. Squarepoint Ops LLC increased its position in shares of Myriad Genetics by 27.0% in the fourth quarter. Squarepoint Ops LLC now owns 138,869 shares of the company’s stock worth $1,904,000 after acquiring an additional 29,524 shares in the last quarter. Twinbeech Capital LP acquired a new stake in shares of Myriad Genetics during the fourth quarter valued at approximately $562,000. Finally, Rafferty Asset Management LLC lifted its position in shares of Myriad Genetics by 50.4% in the 4th quarter. Rafferty Asset Management LLC now owns 166,138 shares of the company’s stock valued at $2,278,000 after acquiring an additional 55,690 shares in the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

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.