Zacks Investment Research upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a buy rating in a research report report published on Friday. They currently have $54.00 price target on the stock.
According to Zacks, “Myriad Genetics performed better than expected in fourth-quarter fiscal 2018. The company observed strong growth in GeneSight, Vectra DA, EndoPredict and Prolaris testing revenues. Further, management believes that Hereditary cancer pricing has remained stable on a sequential basis for three consecutive quarters. We are upbeat about Myriad Genetics’ expectation to witness a stable pricing trend throughout fiscal 2019. Moreover, the company seems to be positioned to deliver strong fiscal 2019 results on solid performance by new products, the recent Counsyl buyout, success of the Elevate 2020 program along with higher reimbursements for tests,. Accordingly, over the past three months, Myriad Genetics has outperformed its industry. However, the decline in Hereditary cancer testing revenues due to pricing issues raises concern. Currency fluctuations and stiff competition are other major headwinds.”
MYGN has been the topic of several other reports. Morgan Stanley upped their price objective on Myriad Genetics from $47.00 to $49.00 and gave the company an overweight rating in a research report on Wednesday, August 22nd. BidaskClub downgraded Myriad Genetics from a strong-buy rating to a buy rating in a research report on Tuesday, August 21st. Stephens upped their price objective on Myriad Genetics from $45.00 to $52.00 and gave the company an overweight rating in a research report on Wednesday, August 22nd. TheStreet upgraded Myriad Genetics from a c+ rating to a b rating in a research report on Monday, June 4th. Finally, Bank of America upped their price objective on Myriad Genetics from $31.00 to $34.00 and gave the company a sell rating in a research report on Wednesday, August 22nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Myriad Genetics presently has a consensus rating of Hold and a consensus target price of $39.00.
Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, August 21st. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.05. Myriad Genetics had a return on equity of 9.78% and a net margin of 17.69%. The company had revenue of $200.90 million for the quarter, compared to the consensus estimate of $195.93 million. During the same period in the previous year, the business earned $0.30 earnings per share. Myriad Genetics’s quarterly revenue was up .7% compared to the same quarter last year. equities analysts anticipate that Myriad Genetics will post 1.33 earnings per share for the current year.
In related news, Director Dennis Langer sold 20,369 shares of the company’s stock in a transaction on Friday, June 8th. The stock was sold at an average price of $39.35, for a total value of $801,520.15. Following the completion of the transaction, the director now directly owns 43,352 shares in the company, valued at $1,705,901.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jerry S. Lanchbury sold 60,000 shares of the company’s stock in a transaction on Monday, June 18th. The shares were sold at an average price of $40.12, for a total value of $2,407,200.00. Following the completion of the transaction, the insider now owns 196,463 shares of the company’s stock, valued at $7,882,095.56. The disclosure for this sale can be found here. Insiders sold 496,811 shares of company stock worth $19,897,716 over the last 90 days. Company insiders own 6.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Robecosam AG increased its stake in Myriad Genetics by 39.8% in the second quarter. Robecosam AG now owns 4,193 shares of the company’s stock valued at $156,000 after purchasing an additional 1,193 shares during the last quarter. Royal Bank of Canada increased its stake in Myriad Genetics by 59.5% in the first quarter. Royal Bank of Canada now owns 4,597 shares of the company’s stock valued at $136,000 after purchasing an additional 1,715 shares during the last quarter. Commonwealth Equity Services LLC acquired a new position in Myriad Genetics in the second quarter valued at $205,000. Asset Management One Co. Ltd. acquired a new position in Myriad Genetics in the first quarter valued at $176,000. Finally, Natixis acquired a new position in Myriad Genetics in the second quarter valued at $228,000.
About Myriad Genetics
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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