Myriad Genetics (NASDAQ:MYGN) Shares Gap Up – Here’s What Happened

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) gapped up before the market opened on Tuesday. The stock had previously closed at $4.21, but opened at $5.34. Myriad Genetics shares last traded at $5.3810, with a volume of 9,513,347 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Craig Hallum lifted their target price on shares of Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, October 12th. Wall Street Zen lowered Myriad Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Stephens decreased their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 18th. Finally, 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. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $4.02.

Myriad Genetics Trading Up 37.2%

The stock has a fifty day moving average of $3.68 and a 200 day moving average of $4.36. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The company has a market capitalization of $552.57 million, a PE ratio of -4.75 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share 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 business had revenue of $190.70 million during the quarter, compared to the consensus estimate of $206.03 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that Myriad Genetics, Inc. will post -0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP bought a new position in shares of Myriad Genetics during the second quarter worth $25,000. Integrated Wealth Concepts LLC bought a new position in shares of Myriad Genetics during the second quarter worth $54,000. Hsbc Holdings PLC purchased a new position in Myriad Genetics during the second quarter valued at $61,000. E Fund Management Co. Ltd. purchased a new position in Myriad Genetics during the second quarter valued at $67,000. Finally, Williams & Novak Wealth Management LLC purchased a new position in Myriad Genetics during the third quarter valued at $67,000. 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.