Myriad Genetics, Inc. (NASDAQ:MYGN) Given Consensus Recommendation of “Hold” by Analysts

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned an average recommendation of “Hold” from the six research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $6.50.

A number of equities analysts recently weighed in on the stock. Weiss Ratings lowered shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 24th. Wells Fargo & Company decreased their price target on Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Finally, TD Cowen lowered their price target on Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, May 6th.

Insider Activity

In related news, Director Paul Bisaro purchased 7,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $3.69 per share, with a total value of $27,675.00. Following the acquisition, the director directly owned 97,441 shares in the company, valued at $359,557.29. The trade was a 8.34% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.46, for a total transaction of $66,900.00. Following the transaction, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This trade represents a 8.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently made changes to their positions in the company. Orbimed Advisors LLC bought a new position in Myriad Genetics during the first quarter valued at approximately $562,500,000. Millennium Management LLC increased its stake in Myriad Genetics by 41.1% in the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after acquiring an additional 1,951,831 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Myriad Genetics by 157.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after acquiring an additional 1,492,405 shares in the last quarter. Kent Lake PR LLC purchased a new stake in shares of Myriad Genetics during the 2nd quarter worth approximately $6,638,000. Finally, Federated Hermes Inc. boosted its position in shares of Myriad Genetics by 103,916.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock valued at $5,960,000 after acquiring an additional 1,121,254 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN remained flat at $5.99 during trading on Friday. The stock had a trading volume of 1,224,485 shares, compared to its average volume of 1,577,009. Myriad Genetics has a 52-week low of $3.53 and a 52-week high of $8.59. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.19 and a current ratio of 2.40. The business’s 50-day moving average is $4.52 and its 200-day moving average is $5.05. The stock has a market cap of $565.76 million, a PE ratio of -1.39 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The firm had revenue of $200.40 million during the quarter, compared to the consensus estimate of $202.42 million. Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.03) EPS. On average, analysts anticipate that Myriad Genetics will post -0.17 earnings per share for the current year.

About Myriad Genetics

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.