Myriad Genetics (MYGN) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Myriad Genetics (NASDAQ:MYGN) from a strong-buy rating to a hold rating in a research note issued to investors on Friday.
According to Zacks, “Over the past three months, Myriad Genetics has been trading above the broader industry. Of late, the company has been observing strong growth in GeneSight and EndoPredict testing revenues. Myriad Genetics has also been witnessing continued year-over-year growth in Hereditary Cancer volumes with pricing matching expectations. We are also upbeat about the favorable GeneSight test results entailing patients with Generalized Anxiety Disorder. Notably, the FDA’s acceptance of supplementary premarket approval application for BRACAnalysis CDx as a companion diagnostic to olaparib for treating HER2 negative metastatic breast cancer patients buoys optimism. On the flip side, operating margin has been affected by a rise in operating expenses. Currency fluctuations and stiff competition are other major headwinds.”
MYGN has been the subject of several other reports. Morgan Stanley reaffirmed an underweight rating and set a $24.00 target price (up from $17.00) on shares of Myriad Genetics in a research note on Friday, October 6th. Deutsche Bank raised shares of Myriad Genetics from a sell rating to a hold rating and cut their target price for the company from $27.86 to $15.00 in a research note on Friday, August 18th. ValuEngine raised shares of Myriad Genetics from a hold rating to a buy rating in a research note on Friday, November 10th. Stephens reaffirmed an overweight rating and set a $40.00 target price (up from $36.00) on shares of Myriad Genetics in a research note on Friday, September 22nd. Finally, Leerink Swann reiterated a market perform rating and set a $31.00 price objective on shares of Myriad Genetics in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. Myriad Genetics presently has a consensus rating of Hold and an average target price of $28.10.
Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, November 7th. The company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.05. The company had revenue of $190.20 million during the quarter, compared to analysts’ expectations of $183.52 million. Myriad Genetics had a net margin of 13.28% and a return on equity of 9.54%. Myriad Genetics’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the company posted $0.23 earnings per share. equities analysts predict that Myriad Genetics will post 1.05 EPS for the current fiscal year.
In other news, Director Walter Phd Gilbert sold 7,500 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $33.19, for a total value of $248,925.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexander Ford sold 3,031 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $31.64, for a total transaction of $95,900.84. The disclosure for this sale can be found here. Insiders have sold 16,531 shares of company stock valued at $545,826 in the last quarter. 6.70% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in MYGN. Thrivent Financial For Lutherans lifted its holdings in shares of Myriad Genetics by 7,026.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 2,742,340 shares of the company’s stock worth $70,862,000 after acquiring an additional 2,703,860 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Myriad Genetics by 29.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,430,216 shares of the company’s stock worth $88,636,000 after acquiring an additional 787,396 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Myriad Genetics by 98.2% in the 3rd quarter. Wells Fargo & Company MN now owns 844,339 shares of the company’s stock worth $30,548,000 after acquiring an additional 418,335 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Myriad Genetics in the 2nd quarter worth about $8,481,000. Finally, Northern Trust Corp lifted its holdings in shares of Myriad Genetics by 31.1% in the 2nd quarter. Northern Trust Corp now owns 1,292,588 shares of the company’s stock worth $33,400,000 after acquiring an additional 306,276 shares during the last quarter.
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Myriad Genetics Company Profile
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment 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 to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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