Myriad Genetics (NASDAQ:MYGN) Trading Up 4.7%

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price was up 4.7% during mid-day trading on Thursday . The stock traded as high as $26.62 and last traded at $26.55. Approximately 88,993 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 719,820 shares. The stock had previously closed at $25.36.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MYGN. Scotiabank lifted their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price for the company. JPMorgan Chase & Co. increased their price target on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. TD Cowen boosted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group reiterated an “underperform” rating and set a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.60.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78. The business has a 50-day moving average of $27.02 and a 200-day moving average of $23.76. The company has a market capitalization of $2.44 billion, a P/E ratio of -9.56 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.06. The firm had revenue of $211.50 million during the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The business’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.21) EPS. On average, sell-side analysts anticipate that Myriad Genetics, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Myriad Genetics

In other news, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the transaction, the director now directly owns 42,533 shares in the company, valued at $1,188,797.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Myriad Genetics by 40.5% during the fourth quarter. Victory Capital Management Inc. now owns 84,587 shares of the company’s stock valued at $1,619,000 after purchasing an additional 24,386 shares in the last quarter. Natixis Advisors L.P. boosted its position in Myriad Genetics by 44.3% during the 4th quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock valued at $3,641,000 after acquiring an additional 58,449 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Myriad Genetics by 2.2% in the 4th quarter. Amalgamated Bank now owns 32,359 shares of the company’s stock valued at $619,000 after acquiring an additional 692 shares during the period. Maryland State Retirement & Pension System increased its holdings in shares of Myriad Genetics by 6.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 32,226 shares of the company’s stock valued at $617,000 after acquiring an additional 2,066 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Myriad Genetics by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 926,159 shares of the company’s stock worth $17,727,000 after acquiring an additional 41,353 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.