Zacks Investment Research cut shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a sell rating in a research note issued to investors on Monday.
According to Zacks, “Myriad Genetics performed better than expected in fourth-quarter fiscal 2018. The company observed strong growth in GeneSight, Vectra DA, EndoPredict and Prolaris testing revenues. Further, management believes that Hereditary cancer pricing has remained stable on a sequential basis for three consecutive quarters. We are upbeat about Myriad Genetics’ expectation to witness a stable pricing trend throughout fiscal 2019. Moreover, the company seems to be positioned to deliver strong fiscal 2019 results on solid performance by new products, the recent Counsyl buyout, success of the Elevate 2020 program along with higher reimbursements for tests,. Accordingly, over the past three months, Myriad Genetics has outperformed its industry. However, the decline in Hereditary cancer testing revenues due to pricing issues raises concern. Currency fluctuations and stiff competition are other major headwinds.”
Several other analysts have also issued reports on the company. Morgan Stanley raised Myriad Genetics from an equal weight rating to an overweight rating and increased their target price for the stock from $35.00 to $55.00 in a report on Wednesday, July 11th. Bank of America raised their price objective on Myriad Genetics from $20.00 to $31.00 and gave the company an underperform rating in a research note on Monday, July 16th. ValuEngine raised Myriad Genetics from a buy rating to a strong-buy rating in a research note on Tuesday, July 24th. TheStreet raised Myriad Genetics from a c+ rating to a b rating in a research note on Monday, June 4th. Finally, BidaskClub raised Myriad Genetics from a buy rating to a strong-buy rating in a research note on Friday, May 11th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. Myriad Genetics currently has a consensus rating of Hold and an average price target of $39.00.
MYGN opened at $49.73 on Monday. The firm has a market cap of $3.44 billion, a PE ratio of 41.44, a P/E/G ratio of 3.65 and a beta of 0.49. Myriad Genetics has a 52-week low of $27.23 and a 52-week high of $49.95. The company has a current ratio of 3.19, a quick ratio of 2.86 and a debt-to-equity ratio of 0.01.
Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 21st. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.05. The company had revenue of $200.90 million for the quarter, compared to analyst estimates of $195.93 million. Myriad Genetics had a return on equity of 9.78% and a net margin of 17.69%. Myriad Genetics’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. equities analysts forecast that Myriad Genetics will post 1.33 earnings per share for the current year.
In related news, Director Dennis Langer sold 30,000 shares of the firm’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $38.90, for a total value of $1,167,000.00. Following the sale, the director now directly owns 69,743 shares of the company’s stock, valued at $2,713,002.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark Christopher Capone sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, July 11th. The shares were sold at an average price of $41.00, for a total value of $3,280,000.00. Following the completion of the sale, the insider now directly owns 184,948 shares in the company, valued at $7,582,868. The disclosure for this sale can be found here. Insiders sold 373,672 shares of company stock worth $15,218,434 over the last ninety days. 6.70% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. UBS Group AG boosted its stake in shares of Myriad Genetics by 265.1% during the first quarter. UBS Group AG now owns 146,336 shares of the company’s stock valued at $4,324,000 after purchasing an additional 106,258 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Myriad Genetics during the second quarter valued at about $906,000. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Myriad Genetics during the first quarter valued at about $1,503,000. Russell Investments Group Ltd. boosted its stake in shares of Myriad Genetics by 0.5% during the first quarter. Russell Investments Group Ltd. now owns 1,071,096 shares of the company’s stock valued at $31,651,000 after purchasing an additional 4,865 shares in the last quarter. Finally, Hartford Investment Management Co. acquired a new stake in shares of Myriad Genetics during the second quarter valued at about $276,000.
Myriad Genetics Company Profile
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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