Myriad Genetics (NASDAQ:MYGN) Shares Gap Up to $25.35

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $26.84, but opened at $25.35. Myriad Genetics shares last traded at $24.74, with a volume of 29,580 shares.

Several research analysts recently weighed in on MYGN shares. Needham & Company LLC lowered shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 29th. Cowen downgraded shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and set a $26.64 target price on the stock. in a report on Tuesday, July 9th. ValuEngine upgraded shares of Myriad Genetics from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Deutsche Bank dropped their target price on shares of Myriad Genetics from $45.00 to $35.00 and set a “hold” rating on the stock in a report on Wednesday, August 14th. Finally, Bank of America upgraded shares of Myriad Genetics from an “underperform” rating to a “neutral” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. Myriad Genetics currently has an average rating of “Hold” and an average price target of $37.64.

The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.69 and a current ratio of 2.96. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 1.31 and a beta of 0.81. The firm’s fifty day simple moving average is $31.79 and its 200 day simple moving average is $29.95.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.41 earnings per share (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 company had revenue of $215.40 million for the quarter, compared to the consensus estimate of $221.64 million. During the same period last year, the company earned $0.38 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. Analysts forecast that Myriad Genetics, Inc. will post 1.53 earnings per share for the current year.

In other news, CFO Richard Bryan Riggsbee sold 25,000 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $41.50, for a total value of $1,037,500.00. Following the sale, the chief financial officer now directly owns 120,566 shares in the company, valued at $5,003,489. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gary A. King sold 60,000 shares of Myriad Genetics stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $43.49, for a total transaction of $2,609,400.00. Following the completion of the sale, the vice president now owns 164,871 shares in the company, valued at $7,170,239.79. The disclosure for this sale can be found here. Insiders sold 96,712 shares of company stock worth $4,115,380 over the last quarter. 5.80% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Pearl River Capital LLC grew its stake in shares of Myriad Genetics by 154.9% in the first quarter. Pearl River Capital LLC now owns 882 shares of the company’s stock valued at $30,000 after buying an additional 536 shares in the last quarter. Investors Research Corp bought a new position in shares of Myriad Genetics in the first quarter valued at $46,000. Financial Gravity Wealth Inc. bought a new position in shares of Myriad Genetics in the first quarter valued at $56,000. NumerixS Investment Technologies Inc bought a new position in shares of Myriad Genetics in the second quarter valued at $64,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Myriad Genetics by 625.0% in the first quarter. Nisa Investment Advisors LLC now owns 2,320 shares of the company’s stock valued at $77,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 99.22% of the company’s stock.

About Myriad Genetics (NASDAQ:MYGN)

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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