Myriad Genetics (NASDAQ:MYGN) Rating Increased to Hold at TD Cowen

TD Cowen upgraded shares of Myriad Genetics (NASDAQ:MYGN) to a hold rating in a report issued on Monday,Zacks.com reports.

Several other research analysts have also commented on the stock. Zacks Research upgraded shares of Myriad Genetics from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. Wells Fargo & Company reduced their price objective on shares of Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 24th. UBS Group reduced their price objective on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, February 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a research note on Friday, March 27th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Myriad Genetics has a consensus rating of “Hold” and an average price target of $8.94.

Myriad Genetics Price Performance

Myriad Genetics stock opened at $4.91 on Monday. The stock has a market cap of $459.13 million, a price-to-earnings ratio of -1.25 and a beta of 1.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.49 and a quick ratio of 2.26. Myriad Genetics has a 1 year low of $3.76 and a 1 year high of $8.59. The firm has a 50-day moving average of $4.73 and a two-hundred day moving average of $6.15.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Monday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.06. Myriad Genetics had a negative net margin of 44.38% and a negative return on equity of 6.35%. The company had revenue of $209.80 million during the quarter, compared to analysts’ expectations of $207.57 million. During the same period in the previous year, the company earned $0.03 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. On average, research analysts forecast that Myriad Genetics will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director S. Louise Phanstiel purchased 48,000 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were purchased at an average cost of $4.66 per share, with a total value of $223,680.00. Following the completion of the acquisition, the director owned 281,951 shares of the company’s stock, valued at approximately $1,313,891.66. This represents a 20.52% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Samraat S. Raha purchased 40,000 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were purchased at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the chief executive officer directly owned 493,104 shares of the company’s stock, valued at $2,465,520. This represents a 8.83% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 144,507 shares of company stock worth $694,548 over the last three months. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Myriad Genetics by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company’s stock valued at $50,586,000 after purchasing an additional 342,856 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Myriad Genetics by 41.1% in the fourth quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after buying an additional 1,951,831 shares in the last quarter. State Street Corp lifted its stake in shares of Myriad Genetics by 19.9% in the fourth quarter. State Street Corp now owns 5,966,567 shares of the company’s stock worth $36,694,000 after buying an additional 990,075 shares in the last quarter. Glenview Capital Management LLC lifted its stake in shares of Myriad Genetics by 17.6% in the second quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after buying an additional 687,857 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Myriad Genetics by 157.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,442,912 shares of the company’s stock worth $17,662,000 after purchasing an additional 1,492,405 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Company Profile

Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.

Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.