Myriad Genetics (NASDAQ:MYGN) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a strong sell rating to a hold rating in a report released on Thursday morning,Zacks reports.

A number of other equities analysts have also recently commented on the company. Craig Hallum lifted their target price on Myriad Genetics from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. Wall Street Zen downgraded Myriad Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. UBS Group initiated coverage on Myriad Genetics in a report on Wednesday, September 9th. They set a “neutral” rating and a $3.60 price target on the stock. Stephens lowered their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 18th. Finally, Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $4.02.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN traded down $0.37 during mid-day trading on Thursday, hitting $3.98. 1,425,471 shares of the company’s stock traded hands, compared to its average volume of 1,842,950. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. Myriad Genetics has a 1 year low of $2.74 and a 1 year high of $8.50. The company’s 50-day moving average is $3.66 and its two-hundred day moving average is $4.36. The company has a market capitalization of $380.69 million, a P/E ratio of -3.34 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.19). Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. The company had revenue of $190.70 million during the quarter, compared to analysts’ expectations of $206.03 million. During the same quarter in the prior year, the business posted $0.05 EPS. The company’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that Myriad Genetics will post -0.99 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Orbimed Advisors LLC bought a new stake in shares of Myriad Genetics during the 1st quarter worth approximately $562,500,000. BlackRock Inc. purchased a new position in Myriad Genetics during the 2nd quarter valued at $62,184,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Myriad Genetics in the 2nd quarter valued at $8,039,000. Man Group plc bought a new position in Myriad Genetics in the 2nd quarter valued at $5,189,000. Finally, Bank of America Corp DE purchased a new stake in Myriad Genetics in the second quarter worth $5,150,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.