Myriad Genetics (NASDAQ:MYGN) Coverage Initiated at UBS Group

Stock analysts at UBS Group initiated coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $3.60 price target on the stock. UBS Group’s price target would indicate a potential upside of 14.87% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating for the company in a report on Monday, August 3rd. Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. Piper Sandler lowered shares of Myriad Genetics from an “overweight” rating to an “underweight” rating and decreased their price target for the stock from $5.45 to $2.00 in a research note on Tuesday, September 1st. TD Cowen lowered their price target on shares of Myriad Genetics from $6.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, July 31st. Finally, Zacks Research downgraded Myriad Genetics from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $3.12.

Myriad Genetics Stock Performance

MYGN stock traded down $0.05 during midday trading on Wednesday, hitting $3.13. The company’s stock had a trading volume of 106,552 shares, compared to its average volume of 1,697,779. The stock has a market cap of $299.77 million, a price-to-earnings ratio of -2.63 and a beta of 1.68. The company has a quick ratio of 1.98, a current ratio of 2.21 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average price is $4.33 and its 200 day moving average price is $4.50. Myriad Genetics has a 1 year low of $2.74 and a 1 year high of $8.59.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The business had revenue of $190.70 million for the quarter, compared to analysts’ expectations of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. On average, equities analysts forecast that Myriad Genetics will post -0.99 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Orbimed Advisors LLC purchased a new stake in shares of Myriad Genetics during the first quarter worth $562,500,000. BlackRock Inc. purchased a new stake in shares of Myriad Genetics in the second quarter worth about $62,184,000. Millennium Management LLC boosted its position in shares of Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock valued at $41,206,000 after acquiring an additional 1,951,831 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Myriad Genetics by 157.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock valued at $17,662,000 after acquiring an additional 1,492,405 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Myriad Genetics during the second quarter valued at approximately $8,039,000. 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.