Myriad Genetics (NASDAQ:MYGN) Stock Rating Upgraded by Zacks Research

Myriad Genetics (NASDAQ:MYGN) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Piper Sandler reduced their price target on Myriad Genetics from $9.00 to $8.50 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. Wells Fargo & Company dropped their price objective on Myriad Genetics from $6.50 to $6.00 and set an “equal weight” rating on the stock in a report on Tuesday. UBS Group reduced their target price on Myriad Genetics from $8.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday. TD Cowen reiterated a “hold” rating on shares of Myriad Genetics in a research report on Tuesday, November 4th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Myriad Genetics in a report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $9.17.

Myriad Genetics Price Performance

MYGN opened at $4.61 on Thursday. The firm has a 50-day moving average price of $5.61 and a 200-day moving average price of $6.59. Myriad Genetics has a twelve month low of $3.76 and a twelve month high of $11.44. The company has a quick ratio of 2.12, a current ratio of 2.49 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $431.08 million, a price-to-earnings ratio of -1.17 and a beta of 1.90.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Monday, February 23rd. The company reported $0.04 EPS for the quarter, topping 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 the consensus estimate of $207.57 million. During the same period last year, the firm earned $0.03 EPS. Myriad Genetics’s revenue for the quarter was down .4% on a year-over-year basis. Equities analysts expect that Myriad Genetics will post -0.3 EPS for the current year.

Insider Activity

In other Myriad Genetics news, Director S. Louise Phanstiel acquired 48,000 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was bought at an average price 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 $1,313,891.66. This trade represents a 20.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders bought 104,507 shares of company stock worth $494,548. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock worth $25,000 after buying an additional 4,480 shares during the last quarter. Quarry LP grew its position in Myriad Genetics by 155.6% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $27,000 after acquiring an additional 2,657 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Myriad Genetics by 1,088.7% in the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock valued at $30,000 after acquiring an additional 3,745 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Myriad Genetics by 407.3% during the second quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock valued at $31,000 after purchasing an additional 4,635 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in Myriad Genetics by 129.6% during the fourth quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock worth $31,000 after purchasing an additional 2,818 shares during the last quarter. 99.02% of the stock is currently owned by 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.