Myriad Genetics (NASDAQ:MYGN) Raised to Hold at TD Cowen

Myriad Genetics (NASDAQ:MYGN) was upgraded by equities researchers at TD Cowen to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other equities analysts have also commented on MYGN. Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 26th. UBS Group reduced their target price on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a report on Friday, March 27th. Finally, Wells Fargo & Company reduced their target price on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 24th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $8.94.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock opened at $4.91 on Monday. The company has a current ratio of 2.49, a quick ratio of 2.26 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $459.13 million, a PE ratio of -1.25 and a beta of 1.86. The business’s 50-day moving average price is $4.73 and its 200-day moving average price is $6.15. Myriad Genetics has a 12 month low of $3.76 and a 12 month high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Monday, February 23rd. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.06. The firm had revenue of $209.80 million for the quarter, compared to analyst estimates of $207.57 million. Myriad Genetics had a negative return on equity of 6.35% and a negative net margin of 44.38%.The company’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 EPS. Sell-side analysts forecast that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Samraat S. Raha purchased 40,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were acquired at an average price of $5.00 per share, with a total value of $200,000.00. Following the acquisition, the chief executive officer directly owned 493,104 shares in the company, valued at approximately $2,465,520. The trade was a 8.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director S. Louise Phanstiel purchased 48,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was purchased at an average cost of $4.66 per share, for a total transaction of $223,680.00. Following the acquisition, the director owned 281,951 shares in the company, valued at approximately $1,313,891.66. The trade was a 20.52% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 144,507 shares of company stock worth $694,548. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of large investors have recently added to or reduced their stakes in MYGN. Vanguard Group Inc. grew its position in shares of Myriad Genetics by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock worth $50,586,000 after buying an additional 342,856 shares during the last quarter. Millennium Management LLC grew its position in shares of 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 buying an additional 1,951,831 shares during the last quarter. State Street Corp grew its position in shares of Myriad Genetics by 19.9% in the 4th quarter. State Street Corp now owns 5,966,567 shares of the company’s stock worth $36,694,000 after buying an additional 990,075 shares during the last quarter. Glenview Capital Management LLC grew its position in shares of Myriad Genetics by 17.6% in the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after buying an additional 687,857 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Myriad Genetics by 157.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after buying an additional 1,492,405 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

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.