Myriad Genetics (NASDAQ:MYGN) Upgraded to Neutral at Bank of America

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Bank of America upgraded shares of Myriad Genetics (NASDAQ:MYGN) from an underperform rating to a neutral rating in a research note released on Friday, BenzingaRatingsTable reports.

MYGN has been the subject of several other reports. Barclays raised Myriad Genetics from an underweight rating to an equal weight rating and boosted their price objective for the stock from $18.00 to $40.00 in a report on Thursday, August 1st. Zacks Investment Research raised Myriad Genetics from a sell rating to a hold rating and set a $30.00 price objective for the company in a report on Monday, July 1st. ValuEngine raised Myriad Genetics from a sell rating to a hold rating in a report on Thursday, August 1st. Cowen cut Myriad Genetics from an outperform rating to a market perform rating and set a $26.64 price objective for the company. in a report on Tuesday, July 9th. Finally, BidaskClub raised Myriad Genetics from a sell rating to a hold rating in a report on Saturday, May 4th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Myriad Genetics has an average rating of Hold and an average target price of $39.94.

Shares of NASDAQ MYGN opened at $45.24 on Friday. The stock’s 50-day moving average is $28.57. The firm has a market cap of $3.45 billion, a P/E ratio of 37.70, a price-to-earnings-growth ratio of 3.84 and a beta of 0.81. The company has a current ratio of 3.15, a quick ratio of 2.86 and a debt-to-equity ratio of 0.24. Myriad Genetics has a 12-month low of $22.07 and a 12-month high of $50.44.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.04). The company had revenue of $216.60 million for the quarter, compared to analyst estimates of $217.76 million. Myriad Genetics had a return on equity of 9.82% and a net margin of 2.62%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned $0.34 EPS. On average, research analysts predict that Myriad Genetics will post 1.44 earnings per share for the current year.

In other news, CFO Richard Bryan Riggsbee sold 25,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $41.50, for a total value of $1,037,500.00. Following the completion of the sale, the chief financial officer now directly owns 120,566 shares of the company’s stock, valued at approximately $5,003,489. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bernard Tobin sold 11,712 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $40.00, for a total value of $468,480.00. Following the completion of the sale, the insider now directly owns 146,040 shares of the company’s stock, valued at $5,841,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,712 shares of company stock valued at $4,115,380. 5.80% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in MYGN. Norges Bank bought a new stake in shares of Myriad Genetics in the 4th quarter valued at about $33,803,000. Rothschild & Co. Asset Management US Inc. bought a new stake in shares of Myriad Genetics in the 1st quarter valued at about $27,412,000. Frontier Capital Management Co. LLC increased its stake in shares of Myriad Genetics by 4.4% in the 1st quarter. Frontier Capital Management Co. LLC now owns 3,363,970 shares of the company’s stock valued at $111,684,000 after acquiring an additional 140,404 shares during the last quarter. Candriam Luxembourg S.C.A. bought a new stake in shares of Myriad Genetics in the 1st quarter valued at about $4,374,000. Finally, Royce & Associates LP increased its stake in shares of Myriad Genetics by 1,194.8% in the 1st quarter. Royce & Associates LP now owns 142,231 shares of the company’s stock valued at $4,722,000 after acquiring an additional 131,246 shares during the last quarter. 99.22% of the stock is owned by institutional investors.

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; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; 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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Analyst Recommendations for Myriad Genetics (NASDAQ:MYGN)

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