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

Myriad Genetics (NASDAQ:MYGN) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

A number of other research analysts have also recently weighed in on the stock. UBS Group lowered their target price on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Raymond James restated an “outperform” rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Craig Hallum started coverage on Myriad Genetics in a research report on Wednesday, February 12th. They set a “buy” rating and a $29.00 target price for the company. The Goldman Sachs Group lowered their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Finally, Leerink Partners lowered shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $30.00 to $21.00 in a report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Myriad Genetics has a consensus rating of “Hold” and an average price target of $21.89.

Myriad Genetics Stock Performance

MYGN traded down $0.25 during midday trading on Tuesday, reaching $9.73. The company had a trading volume of 583,015 shares, compared to its average volume of 853,376. The business has a 50-day moving average of $11.97 and a two-hundred day moving average of $16.80. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 1 year low of $9.36 and a 1 year high of $29.30. The company has a market cap of $888.44 million, a P/E ratio of -7.48 and a beta of 1.79.

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

Institutional Trading of Myriad Genetics

A number of large investors have recently made changes to their positions in MYGN. Point72 Hong Kong Ltd bought a new position in shares of Myriad Genetics in the 3rd quarter valued at about $32,000. Sterling Capital Management LLC raised its position in Myriad Genetics by 829.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock valued at $39,000 after purchasing an additional 2,556 shares during the period. KBC Group NV lifted its stake in shares of Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after purchasing an additional 3,334 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Myriad Genetics by 43.8% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after purchasing an additional 1,471 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Myriad Genetics during the 3rd quarter valued at approximately $153,000. 99.02% of the stock is currently 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.