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

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

Several other analysts have also issued reports on MYGN. Scotiabank boosted their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. Wells Fargo & Company started coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. TD Cowen lifted their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley initiated coverage on Myriad Genetics in a report on Thursday, September 19th. They set an “equal weight” rating and a $32.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their target price on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics currently has an average rating of “Hold” and an average price target of $28.36.

Myriad Genetics Trading Down 2.7 %

Shares of MYGN opened at $15.25 on Tuesday. Myriad Genetics has a fifty-two week low of $15.18 and a fifty-two week high of $29.30. The business has a 50-day moving average of $23.43 and a 200 day moving average of $24.60. The firm has a market cap of $1.39 billion, a P/E ratio of -11.73 and a beta of 1.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90.

Insider Buying and Selling at Myriad Genetics

In related news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares in the company, valued at $1,188,797.35. This represents a 51.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. This trade represents a 7.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock worth $1,900,485 over the last ninety days. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC raised its position in Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after purchasing an additional 491 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Myriad Genetics during the third quarter valued at approximately $32,000. Innealta Capital LLC purchased a new stake in Myriad Genetics in the second quarter worth $36,000. GAMMA Investing LLC increased its position in Myriad Genetics by 34.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after purchasing an additional 412 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth about $60,000. 99.02% of the stock is owned by 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.