Brokerages Set Myriad Genetics, Inc. (NASDAQ:MYGN) PT at $6.40

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have received a consensus recommendation of “Hold” from the six analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $6.50.

MYGN has been the topic of a number of analyst reports. UBS Group reduced their price objective on shares of Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, February 24th. Zacks Research upgraded shares of Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. TD Cowen dropped their target price on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Company dropped their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday.

Insider Activity at Myriad Genetics

In related news, Director Paul Bisaro bought 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $3.69 per share, with a total value of $27,675.00. Following the transaction, the director directly owned 97,441 shares of the company’s stock, valued at approximately $359,557.29. This represents a 8.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Samraat S. Raha bought 40,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was bought at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the transaction, the chief executive officer directly owned 493,104 shares in the company, valued at approximately $2,465,520. The trade was a 8.83% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 152,007 shares of company stock valued at $722,223 in the last ninety days. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MYGN. Orbimed Advisors LLC purchased a new position in shares of Myriad Genetics in the 1st quarter valued at $562,500,000. Millennium Management LLC grew its position in Myriad Genetics by 41.1% during the 4th quarter. Millennium Management LLC now owns 6,700,158 shares of the company’s stock worth $41,206,000 after purchasing an additional 1,951,831 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Myriad Genetics by 157.0% during the 3rd 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. Kent Lake PR LLC purchased a new position in Myriad Genetics during the 2nd quarter worth $6,638,000. Finally, Federated Hermes Inc. grew its position in Myriad Genetics by 103,916.0% during the 2nd quarter. Federated Hermes Inc. now owns 1,122,333 shares of the company’s stock worth $5,960,000 after purchasing an additional 1,121,254 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

Myriad Genetics Price Performance

Shares of MYGN opened at $3.82 on Friday. Myriad Genetics has a twelve month low of $3.53 and a twelve month high of $8.59. The firm’s fifty day simple moving average is $4.51 and its 200-day simple moving average is $5.54. The firm has a market capitalization of $360.80 million, a price-to-earnings ratio of -0.89 and a beta of 1.81. The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. The firm had revenue of $200.40 million during the quarter, compared to analyst estimates of $202.42 million. During the same quarter in the previous year, the business posted ($0.03) earnings per share. Myriad Genetics’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities analysts forecast that Myriad Genetics will post -0.26 EPS for the current fiscal year.

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.