Myriad Genetics (NASDAQ:MYGN) Downgraded by Piper Jaffray Companies

Piper Jaffray Companies downgraded shares of Myriad Genetics (NASDAQ:MYGN) from an overweight rating to a neutral rating in a research report report published on Wednesday, BenzingaRatingsTable reports. The brokerage currently has $40.00 price objective on the stock, down from their prior price objective of $45.00.

A number of other analysts have also recently commented on MYGN. Bank of America raised shares of Myriad Genetics from an underperform rating to a neutral rating in a report on Friday, August 2nd. Cowen cut shares of Myriad Genetics from an outperform rating to a market perform rating and set a $26.64 target price for the company. in a report on Tuesday, July 9th. ValuEngine raised shares of Myriad Genetics from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of Myriad Genetics from a sell rating to a hold rating and set a $30.00 price objective for the company in a research note on Monday, July 1st. Finally, Barclays raised shares of Myriad Genetics from an underweight rating to an equal weight rating and increased their price objective for the stock from $18.00 to $40.00 in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. Myriad Genetics currently has an average rating of Hold and a consensus price target of $37.64.

Shares of MYGN stock opened at $25.35 on Wednesday. Myriad Genetics has a 12 month low of $22.07 and a 12 month high of $50.44. The stock has a market cap of $1.87 billion, a P/E ratio of 19.65, a P/E/G ratio of 1.20 and a beta of 0.81. The company has a current ratio of 2.96, a quick ratio of 2.86 and a debt-to-equity ratio of 0.21. The company has a 50 day simple moving average of $32.05 and a two-hundred day simple moving average of $30.04.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 13th. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Myriad Genetics had a net margin of 0.54% and a return on equity of 9.09%. The business had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $221.64 million. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, equities analysts forecast that Myriad Genetics will post 1.51 earnings per share for the current year.

In other news, insider Bernard Tobin sold 11,712 shares of the stock in a transaction on 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Richard Bryan Riggsbee sold 25,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $41.50, for a total transaction 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 $5,003,489. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,712 shares of company stock valued at $4,115,380. Corporate insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Myriad Genetics by 4.2% in the second quarter. BlackRock Inc. now owns 12,535,346 shares of the company’s stock worth $348,233,000 after purchasing an additional 509,214 shares in the last quarter. Baillie Gifford & Co. grew its stake in Myriad Genetics by 0.6% during the first quarter. Baillie Gifford & Co. now owns 9,540,586 shares of the company’s stock valued at $316,747,000 after acquiring an additional 55,642 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in Myriad Genetics by 4.4% during the first 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 in the last quarter. Invesco Ltd. grew its stake in Myriad Genetics by 19.7% during the second quarter. Invesco Ltd. now owns 1,856,133 shares of the company’s stock valued at $51,563,000 after acquiring an additional 305,143 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Myriad Genetics by 6.1% during the second quarter. Northern Trust Corp now owns 1,795,468 shares of the company’s stock valued at $49,879,000 after acquiring an additional 103,590 shares in the last quarter. 99.22% of the stock is owned by hedge funds and other institutional investors.

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; 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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