Myriad Genetics (NASDAQ:MYGN) Earns Overweight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research report released on Tuesday, MarketBeat.com reports. The firm issued an overweight rating and a $35.00 target price on the stock.

A number of other analysts have also issued reports on MYGN. Leerink Partners upgraded shares of Myriad Genetics from a market perform rating to an outperform rating and boosted their price target for the stock from $25.00 to $35.00 in a research note on Wednesday, May 8th. Jefferies Financial Group restated an underperform rating and set a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Piper Sandler upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a neutral rating in a research note on Tuesday, August 13th. TD Cowen upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 7th. Finally, Leerink Partnrs upgraded shares of Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $28.60.

Myriad Genetics Stock Up 1.4 %

Shares of MYGN opened at $28.32 on Tuesday. The firm has a market cap of $2.56 billion, a P/E ratio of -10.04 and a beta of 1.95. Myriad Genetics has a 12-month low of $13.82 and a 12-month high of $29.08. The company’s 50-day moving average price is $26.67 and its 200 day moving average price is $23.58. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 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 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.21) EPS. On average, sell-side analysts forecast that Myriad Genetics will post -0.36 earnings per share for the current year.

Insider Activity

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the 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 sale, the director now directly owns 36,705 shares of the company’s stock, valued at $808,978.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Large investors have recently modified their holdings of the company. Glenview Capital Management LLC boosted its holdings 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 acquiring an additional 1,500,000 shares during the period. UniSuper Management Pty Ltd purchased a new stake in shares of Myriad Genetics during the first quarter worth approximately $467,000. Natixis Advisors L.P. raised its stake in shares of Myriad Genetics by 44.3% during the fourth quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock worth $3,641,000 after purchasing an additional 58,449 shares during the last quarter. AMH Equity Ltd purchased a new stake in shares of Myriad Genetics during the first quarter worth approximately $2,345,000. Finally, Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 1,223,446 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

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.