Myriad Genetics Inc. (MYGN) Receives “Sell” Rating from Bank of America Corp.
MYGN has been the topic of several other research reports. Zacks Investment Research upgraded Myriad Genetics from a hold rating to a buy rating and set a $36.00 target price on the stock in a research report on Wednesday, July 27th. Mizuho dropped their target price on Myriad Genetics from $34.00 to $22.00 and set a neutral rating on the stock in a research report on Wednesday, August 10th. Barclays PLC reiterated an overweight rating and set a $50.00 target price on shares of Myriad Genetics in a research report on Wednesday, July 6th. Wells Fargo & Co. upgraded Myriad Genetics from a market perform rating to an outperform rating in a research report on Sunday, August 21st. Finally, TheStreet cut Myriad Genetics from a buy rating to a hold rating in a report on Wednesday, August 10th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $31.00.
Myriad Genetics (NASDAQ:MYGN) traded up 0.16% during mid-day trading on Monday, reaching $18.90. The company had a trading volume of 438,223 shares. Myriad Genetics has a 12 month low of $18.58 and a 12 month high of $46.24. The firm’s 50 day moving average price is $20.90 and its 200-day moving average price is $29.84. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 11.05 and a beta of 0.54.
Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. Myriad Genetics had a return on equity of 16.06% and a net margin of 14.98%. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $187.95 million. During the same quarter in the previous year, the firm posted $0.41 EPS. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts anticipate that Myriad Genetics will post $1.07 earnings per share for the current year.
In other news, insider Mark Christopher Capone bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were acquired at an average cost of $21.24 per share, with a total value of $212,400.00. Following the transaction, the insider now owns 146,026 shares of the company’s stock, valued at approximately $3,101,592.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John T. Henderson sold 30,000 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $20.49, for a total value of $614,700.00. Following the completion of the transaction, the director now directly owns 49,493 shares in the company, valued at $1,014,111.57. The disclosure for this sale can be found here. 5.80% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC purchased a new position in shares of Myriad Genetics during the first quarter valued at $109,000. Societe Generale purchased a new position in shares of Myriad Genetics during the second quarter valued at $120,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Myriad Genetics during the first quarter valued at $148,000. US Bancorp DE raised its position in shares of Myriad Genetics by 55.0% in the second quarter. US Bancorp DE now owns 4,122 shares of the company’s stock valued at $126,000 after buying an additional 1,462 shares during the period. Finally, BlackRock Inc. raised its position in shares of Myriad Genetics by 123.4% in the first quarter. BlackRock Inc. now owns 4,715 shares of the company’s stock valued at $176,000 after buying an additional 2,604 shares during the period.
Myriad Genetics Company Profile
Myriad Genetics, Inc (Myriad) is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. Myriad operates through two segments: diagnostics, which provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing, or assess a patient’s risk of disease progression and disease recurrence, and other, which provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients.
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