Myriad Genetics (NASDAQ:MYGN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Friday. The firm presently has a $34.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 21.43% from the company’s current price.
According to Zacks, “Over the past year, Myriad Genetics has been outperforming its broader industry. Despite weaknesses in Hereditary Cancer testing revenues, Myriad Genetics exited the last reported quarter on a promising note. The raised FY18 guidance instills confidence. The company particularly observed strong growth in GeneSight testing revenues. Also Hereditary Cancer volumes growth was encouraging. Furthermore, we are upbeat about the company seeing growth in new product volumes, an expanded reimbursement for new products and an increase in international RNA kit revenues. Moreover, the company's latest receipt of manufacturing and marketing approval for its BRACAnalysis Diagnostic System in Japan buoys optimism. However, the decline in Hereditary cancer testing revenues, due to price reductions in long-term contracts, is a concern. Additionally, currency fluctuations and stiff competition are major headwinds.”
Other research analysts also recently issued reports about the company. ValuEngine raised Myriad Genetics from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. BidaskClub downgraded Myriad Genetics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 28th. BTIG Research initiated coverage on Myriad Genetics in a report on Friday, January 5th. They issued a “buy” rating and a $41.00 price target for the company. Stephens set a $45.00 price target on Myriad Genetics and gave the company a “buy” rating in a report on Wednesday, January 3rd. Finally, Barclays boosted their price target on Myriad Genetics from $30.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $30.75.
Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.07. Myriad Genetics had a return on equity of 9.59% and a net margin of 16.67%. The company had revenue of $194.00 million during the quarter, compared to the consensus estimate of $188.72 million. During the same period in the previous year, the company posted $0.26 earnings per share. Myriad Genetics’s revenue for the quarter was down 1.3% on a year-over-year basis. sell-side analysts anticipate that Myriad Genetics will post 1.15 EPS for the current year.
In other news, VP Gary A. King sold 3,120 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of $38.12, for a total transaction of $118,934.40. Following the completion of the transaction, the vice president now directly owns 125,088 shares of the company’s stock, valued at approximately $4,768,354.56. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Richard M. Marsh sold 13,759 shares of the company’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $36.25, for a total value of $498,763.75. Following the transaction, the vice president now directly owns 136,385 shares of the company’s stock, valued at $4,943,956.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,533 shares of company stock valued at $2,133,272. Corporate insiders own 6.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. TrimTabs Asset Management LLC raised its stake in shares of Myriad Genetics by 17.2% during the 3rd quarter. TrimTabs Asset Management LLC now owns 11,798 shares of the company’s stock worth $427,000 after buying an additional 1,728 shares during the period. Meadow Creek Investment Management LLC raised its stake in shares of Myriad Genetics by 19.4% during the 4th quarter. Meadow Creek Investment Management LLC now owns 11,322 shares of the company’s stock worth $389,000 after buying an additional 1,836 shares during the period. Stifel Financial Corp raised its stake in shares of Myriad Genetics by 3.6% during the 3rd quarter. Stifel Financial Corp now owns 54,408 shares of the company’s stock worth $1,968,000 after buying an additional 1,900 shares during the period. Meeder Asset Management Inc. raised its stake in shares of Myriad Genetics by 58.3% during the 4th quarter. Meeder Asset Management Inc. now owns 5,210 shares of the company’s stock worth $179,000 after buying an additional 1,918 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of Myriad Genetics by 1.7% during the 4th quarter. Teachers Advisors LLC now owns 117,695 shares of the company’s stock worth $4,042,000 after buying an additional 1,948 shares during the period.
Myriad Genetics Company Profile
Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BART, a DNA sequencing test for hereditary breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.
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