Myriad Genetics (NASDAQ:MYGN) Shares Gap Up – Here’s What Happened

Myriad Genetics, Inc. (NASDAQ:MYGN) gapped up before the market opened on Wednesday . The stock had previously closed at $10.25, but opened at $10.90. Myriad Genetics shares last traded at $11.31, with a volume of 186,520 shares.

Analysts Set New Price Targets

Several analysts recently weighed in on MYGN shares. Leerink Partners downgraded Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. Craig Hallum began coverage on shares of Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 target price for the company. UBS Group decreased their price target on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Morgan Stanley dropped their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. Finally, Leerink Partnrs downgraded shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics currently has a consensus rating of “Hold” and an average target price of $21.89.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The company has a fifty day moving average price of $12.74 and a 200 day moving average price of $17.99. The stock has a market cap of $885.70 million, a P/E ratio of -7.46 and a beta of 1.79.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Loomis Sayles & Co. L P lifted its holdings in Myriad Genetics by 153.7% during the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock worth $59,973,000 after acquiring an additional 1,326,497 shares during the period. D. E. Shaw & Co. Inc. boosted its holdings in shares of Myriad Genetics by 58.1% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock worth $24,950,000 after buying an additional 668,429 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its position in shares of Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock valued at $69,226,000 after acquiring an additional 440,107 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Myriad Genetics by 377.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock worth $7,533,000 after purchasing an additional 434,420 shares during the last quarter. Finally, Iron Triangle Partners LP bought a new stake in shares of Myriad Genetics in the 3rd quarter worth approximately $11,007,000. Institutional investors 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.