Scotiabank Initiates Coverage on Myriad Genetics (NASDAQ:MYGN)

Scotiabank started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research note published on Thursday, Marketbeat reports. The brokerage issued a sector outperform rating and a $29.00 price target on the stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler lifted their target price on shares of Myriad Genetics from $23.00 to $28.00 and gave the stock a neutral rating in a research report on Monday, May 13th. Jefferies Financial Group reiterated an underperform rating and issued a $20.00 target price (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Leerink Partnrs upgraded shares of Myriad Genetics from a market perform rating to an outperform rating in a research report on Wednesday, May 8th. Finally, SVB Leerink upgraded shares of Myriad Genetics from a market perform rating to an outperform rating and lifted their target price for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Myriad Genetics currently has an average rating of Hold and an average target price of $25.33.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $24.46 on Thursday. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $25.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99. The company has a market capitalization of $2.21 billion, a P/E ratio of -8.67 and a beta of 1.95. The company has a fifty day moving average of $22.64 and a 200-day moving average of $21.61.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The company had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. During the same period in the previous year, the firm posted ($0.28) EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.30, for a total value of $156,860.00. Following the transaction, the director now owns 66,650 shares in the company, valued at $1,686,245. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the transaction, the chief executive officer now owns 1,066,166 shares in the company, valued at $26,728,781.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lee Nisley Newcomer sold 6,200 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.30, for a total transaction of $156,860.00. Following the transaction, the director now owns 66,650 shares in the company, valued at approximately $1,686,245. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 142,832 shares of company stock worth $3,574,217. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Myriad Genetics by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after buying an additional 81,475 shares during the period. Wellington Management Group LLP boosted its stake in Myriad Genetics by 20.4% during the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock worth $138,185,000 after acquiring an additional 1,223,446 shares in the last quarter. Glenview Capital Management LLC boosted its stake in Myriad Genetics by 39.6% during the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after acquiring an additional 1,500,000 shares in the last quarter. Earnest Partners LLC boosted its stake in Myriad Genetics by 0.5% during the first quarter. Earnest Partners LLC now owns 3,933,058 shares of the company’s stock worth $83,853,000 after acquiring an additional 19,145 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Myriad Genetics by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,680,918 shares of the company’s stock worth $51,315,000 after acquiring an additional 89,330 shares in the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.