Myriad Genetics (NASDAQ:MYGN) Earns Equal Weight Rating from Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report published on Thursday, Marketbeat.com reports. The firm issued an equal weight rating and a $32.00 price target on the stock.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an underweight rating in a report on Wednesday, August 7th. Jefferies Financial Group reiterated an underperform rating and issued a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. TD Cowen boosted their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a report on Wednesday, August 7th. Scotiabank boosted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a sector outperform rating in a report on Tuesday, August 13th. Finally, Piper Sandler boosted their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a neutral rating in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $28.91.

Myriad Genetics Stock Down 2.3 %

Shares of MYGN opened at $27.64 on Thursday. The firm has a market cap of $2.50 billion, a PE ratio of -9.80 and a beta of 1.92. The company’s fifty day moving average is $27.49 and its two-hundred day moving average is $24.12. Myriad Genetics has a fifty-two week low of $13.82 and a fifty-two week high of $29.30. The company has a quick ratio of 1.78, a current ratio of 1.96 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.06. The business had revenue of $211.50 million for 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 quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.21) EPS. Analysts forecast that Myriad Genetics will post -0.34 earnings per share for the current year.

Insider Transactions at Myriad Genetics

In other news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the sale, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the sale, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors have recently modified their holdings of MYGN. Vanguard Group Inc. grew its position in Myriad Genetics by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock worth $213,961,000 after purchasing an additional 81,475 shares during the last quarter. Wellington Management Group LLP grew its position in Myriad Genetics by 20.4% in the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock worth $138,185,000 after purchasing an additional 1,223,446 shares during the last quarter. Glenview Capital Management LLC grew its position in Myriad Genetics by 39.6% in the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after purchasing an additional 1,500,000 shares during the last quarter. Earnest Partners LLC grew its position in Myriad Genetics by 3.5% in the 2nd quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock worth $99,602,000 after purchasing an additional 138,960 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Myriad Genetics by 2.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,776,959 shares of the company’s stock worth $67,924,000 after purchasing an additional 75,445 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.