Myriad Genetics (NASDAQ:MYGN) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a buy rating in a research report released on Monday morning, Zacks.com reports. Zacks Investment Research currently has $30.00 price target on the stock.

According to Zacks, “Myriad Genetics registered stellar year-over-year revenue growth in the Prenatal and Prolaris segments. The Pharmaceutical and clinical service segments also witnessed revenue growth during the quarter. We are upbeat about the FDA approval attained by the company for myChoice CDx as a companion diagnostic. The coverage from UnitedHealthcare attained by the company for GeneSight patients also buoys optimism. However, it witnessed a decline in Hereditary Cancer, GeneSight, Vectra, as well as Other testing revenues. The company incurred operating loss during the quarter. The lowered fiscal 2020 guidance is indicative of the continuation of this sluggish trend. Myriad Genetics exhibited a dismal performance in the first-quarter fiscal 2020. Over the past six months, Myriad Genetics has underperformed the industry it belongs to.”

MYGN has been the subject of several other research reports. BidaskClub upgraded shares of Myriad Genetics from a buy rating to a strong-buy rating in a research report on Wednesday, December 18th. Barclays reduced their price objective on shares of Myriad Genetics from $22.00 to $18.00 and set an underweight rating for the company in a research report on Tuesday, November 5th. Bank of America lowered shares of Myriad Genetics from a neutral rating to an underperform rating and reduced their price objective for the company from $30.00 to $28.00 in a research report on Thursday, September 26th. Piper Jaffray Companies reduced their price objective on shares of Myriad Genetics from $40.00 to $22.00 in a research report on Tuesday, November 5th. Finally, Needham & Company LLC assumed coverage on shares of Myriad Genetics in a research report on Friday, January 3rd. They set a strong-buy rating and a $36.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Myriad Genetics has a consensus rating of Hold and a consensus target price of $27.96.

NASDAQ:MYGN opened at $29.35 on Monday. Myriad Genetics has a twelve month low of $20.10 and a twelve month high of $48.40. The company has a current ratio of 2.86, a quick ratio of 2.61 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average of $26.64 and a 200-day moving average of $28.32. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 3.46 and a beta of 0.92.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.18). Myriad Genetics had a negative net margin of 1.83% and a positive return on equity of 6.48%. The business had revenue of $186.30 million for the quarter, compared to the consensus estimate of $202.34 million. During the same quarter last year, the business posted $0.43 EPS. The business’s revenue for the quarter was down 7.9% on a year-over-year basis. On average, research analysts forecast that Myriad Genetics will post 0.73 earnings per share for the current year.

In other news, Director Walter Phd Gilbert bought 5,860 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was bought at an average cost of $25.60 per share, for a total transaction of $150,016.00. Following the completion of the acquisition, the director now directly owns 54,150 shares in the company, valued at approximately $1,386,240. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director John T. Henderson bought 5,250 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was purchased at an average price of $23.46 per share, with a total value of $123,165.00. Following the completion of the acquisition, the director now owns 64,353 shares of the company’s stock, valued at $1,509,721.38. The disclosure for this purchase can be found here. Company insiders own 5.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in MYGN. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Myriad Genetics in the first quarter worth about $183,000. Wells Fargo & Company MN lifted its position in shares of Myriad Genetics by 2.4% in the second quarter. Wells Fargo & Company MN now owns 223,965 shares of the company’s stock worth $6,222,000 after purchasing an additional 5,303 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Myriad Genetics by 0.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 782,148 shares of the company’s stock worth $21,729,000 after purchasing an additional 5,141 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Myriad Genetics by 10.7% in the second quarter. Bank of New York Mellon Corp now owns 1,042,497 shares of the company’s stock worth $28,960,000 after purchasing an additional 101,064 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Myriad Genetics by 6.1% in the second quarter. Northern Trust Corp now owns 1,795,468 shares of the company’s stock worth $49,879,000 after purchasing an additional 103,590 shares in the last quarter.

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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