Myriad Genetics (NASDAQ:MYGN) had its price target lifted by stock analysts at Morgan Stanley from $47.00 to $49.00 in a research note issued on Wednesday. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 6.94% from the stock’s current price.
Other research analysts also recently issued research reports about the stock. Piper Jaffray Companies increased their price objective on shares of Myriad Genetics to $38.00 and gave the company a “neutral” rating in a research report on Wednesday. ValuEngine upgraded shares of Myriad Genetics from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 5th. BidaskClub downgraded shares of Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. TheStreet upgraded shares of Myriad Genetics from a “c+” rating to a “b” rating in a research report on Monday, June 4th. Finally, Zacks Investment Research cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Friday, May 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Myriad Genetics currently has an average rating of “Hold” and a consensus price target of $36.64.
Myriad Genetics stock traded up $2.98 during midday trading on Wednesday, reaching $45.82. 21,984 shares of the company traded hands, compared to its average volume of 666,817. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 43.64, a price-to-earnings-growth ratio of 2.83 and a beta of 0.49. Myriad Genetics has a 12 month low of $27.23 and a 12 month high of $44.87. The company has a quick ratio of 3.16, a current ratio of 3.52 and a debt-to-equity ratio of 0.07.
Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 21st. The company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.05. The company had revenue of $200.90 million for the quarter, compared to the consensus estimate of $195.93 million. Myriad Genetics had a net margin of 17.67% and a return on equity of 9.52%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 earnings per share. sell-side analysts expect that Myriad Genetics will post 1.21 EPS for the current fiscal year.
In other Myriad Genetics news, insider Mark Christopher Capone sold 90,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $38.00, for a total transaction of $3,420,000.00. Following the completion of the sale, the insider now directly owns 422,175 shares of the company’s stock, valued at $16,042,650. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Richard M. Marsh sold 70,672 shares of the stock in a transaction on Wednesday, July 11th. The stock was sold at an average price of $42.88, for a total transaction of $3,030,415.36. Following the completion of the sale, the vice president now directly owns 154,869 shares of the company’s stock, valued at $6,640,782.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 496,811 shares of company stock valued at $19,897,716. 6.70% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. Royal Bank of Canada increased its stake in shares of Myriad Genetics by 59.5% in the first quarter. Royal Bank of Canada now owns 4,597 shares of the company’s stock worth $136,000 after purchasing an additional 1,715 shares in the last quarter. Robecosam AG increased its stake in shares of Myriad Genetics by 39.8% in the second quarter. Robecosam AG now owns 4,193 shares of the company’s stock worth $156,000 after purchasing an additional 1,193 shares in the last quarter. Asset Management One Co. Ltd. purchased a new stake in shares of Myriad Genetics in the first quarter worth $176,000. Victory Capital Management Inc. purchased a new stake in shares of Myriad Genetics in the first quarter worth $185,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Myriad Genetics in the second quarter worth $205,000.
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; BART, a DNA sequencing test for hereditary 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; 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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