Cowen Lowers Myriad Genetics (NASDAQ:MYGN) to Market Perform
Cowen lowered shares of Myriad Genetics (NASDAQ:MYGN) from an outperform rating to a market perform rating in a report issued on Tuesday, Benzinga reports. The brokerage currently has $26.64 price objective on the stock.
Other equities analysts have also issued research reports about the company. ValuEngine lowered Valero Energy from a hold rating to a sell rating in a research note on Wednesday, May 8th. Barclays set a $18.00 target price on Summit Materials and gave the company a hold rating in a research note on Friday, June 14th. Zacks Investment Research lowered First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. Needham & Company LLC reissued a strong-buy rating and issued a $32.00 target price on shares of Myriad Genetics in a research note on Tuesday, May 14th. They noted that the move was a valuation call. Finally, BidaskClub lowered Extraction Oil & Gas from a hold rating to a sell rating in a research note on Saturday, May 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $37.74.
Shares of MYGN opened at $25.18 on Tuesday. The company has a quick ratio of 2.86, a current ratio of 3.15 and a debt-to-equity ratio of 0.24. Myriad Genetics has a 12-month low of $22.07 and a 12-month high of $50.44. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 1.40 and a beta of 0.82. The firm’s fifty day moving average price is $25.14.
A number of large investors have recently added to or reduced their stakes in MYGN. Norges Bank acquired a new position in Myriad Genetics in the fourth quarter valued at about $33,803,000. Rothschild & Co. Asset Management US Inc. bought a new stake in shares of Myriad Genetics in the first quarter worth about $27,412,000. BlackRock Inc. increased its holdings in shares of Myriad Genetics by 6.4% in the fourth quarter. BlackRock Inc. now owns 12,202,442 shares of the company’s stock worth $354,727,000 after acquiring an additional 735,832 shares in the last quarter. Vanguard Group Inc increased its holdings in shares of Myriad Genetics by 4.4% in the third quarter. Vanguard Group Inc now owns 8,656,933 shares of the company’s stock worth $398,219,000 after acquiring an additional 365,697 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Myriad Genetics by 4.4% in the first quarter. Frontier Capital Management Co. LLC now owns 3,363,970 shares of the company’s stock worth $111,684,000 after acquiring an additional 140,404 shares in the last quarter. 99.22% of the stock is currently owned by hedge funds and other institutional investors.
About Myriad Genetics
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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