Myriad Genetics (NASDAQ:MYGN) Upgraded by StockNews.com to Buy Rating

Myriad Genetics (NASDAQ:MYGN) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Several other equities analysts have also recently issued reports on the company. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $11.50 to $12.50 in a report on Wednesday, March 12th. Bank of America decreased their price objective on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a report on Monday, March 3rd. UBS Group lowered their target price on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Raymond James restated an “outperform” rating and set a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group reduced their target price on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics has an average rating of “Hold” and an average target price of $20.89.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $8.45 on Thursday. The firm has a fifty day moving average price of $10.90 and a 200 day moving average price of $15.24. The company has a market cap of $771.56 million, a P/E ratio of -6.50 and a beta of 1.87. Myriad Genetics has a 12 month low of $7.35 and a 12 month high of $29.30. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The firm had revenue of $210.60 million during the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. Sell-side analysts predict that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its position in Myriad Genetics by 23.6% in the 3rd quarter. FMR LLC now owns 69,822 shares of the company’s stock worth $1,912,000 after buying an additional 13,319 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Myriad Genetics by 10.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 198,256 shares of the company’s stock valued at $5,430,000 after acquiring an additional 18,446 shares in the last quarter. State Street Corp raised its stake in shares of Myriad Genetics by 8.3% in the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after acquiring an additional 359,685 shares in the last quarter. Jane Street Group LLC lifted its holdings in Myriad Genetics by 19.4% in the 3rd quarter. Jane Street Group LLC now owns 121,181 shares of the company’s stock worth $3,319,000 after purchasing an additional 19,684 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its position in Myriad Genetics by 188.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock worth $1,055,000 after purchasing an additional 25,179 shares during the period. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.