Myriad Genetics (NASDAQ:MYGN) Sets New 12-Month High at $26.31

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) reached a new 52-week high during trading on Thursday . The company traded as high as $26.31 and last traded at $26.28, with a volume of 372374 shares traded. The stock had previously closed at $25.14.

Wall Street Analyst Weigh In

MYGN has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of Myriad Genetics in a research report on Thursday, June 27th. They issued a “sector outperform” rating and a $29.00 target price for the company. Jefferies Financial Group reissued 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. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $25.00 to $35.00 in a research report on Wednesday, May 8th. Piper Sandler boosted their target price on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Finally, Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Two investment 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, the stock has an average rating of “Hold” and a consensus target price of $25.33.

Myriad Genetics Price Performance

The company’s 50-day moving average is $23.61 and its two-hundred day moving average is $21.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. The firm has a market cap of $2.34 billion, a P/E ratio of -8.91 and a beta of 1.95.

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

Insiders Place Their Bets

In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the transaction, the director now owns 36,705 shares of the company’s stock, valued at $808,978.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Daniel K. Spiegelman sold 3,788 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the transaction, the director now owns 36,705 shares of the company’s stock, valued at $808,978.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul J. Diaz sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total value of $1,880,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,066,166 shares of the company’s stock, valued at approximately $26,728,781.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 142,832 shares of company stock valued at $3,574,217. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Glenview Capital Management LLC increased its stake in shares of Myriad Genetics by 39.6% in the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after buying an additional 1,500,000 shares during the period. Natixis Advisors L.P. increased its position in Myriad Genetics by 44.3% during the 4th quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock valued at $3,641,000 after purchasing an additional 58,449 shares during the period. Wellington Management Group LLP increased its position in Myriad Genetics by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,996,260 shares of the company’s stock valued at $96,180,000 after purchasing an additional 251,426 shares during the period. Vanguard Group Inc. increased its position in Myriad Genetics by 8.6% during the 4th quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock valued at $190,524,000 after purchasing an additional 789,496 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Myriad Genetics by 80.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 334,717 shares of the company’s stock valued at $7,620,000 after purchasing an additional 149,234 shares during the period. Institutional investors and hedge funds 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.