Myriad Genetics, Inc. (NASDAQ:MYGN – Get Free Report) has earned an average recommendation of “Hold” from the six research firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $6.50.
Several research firms recently weighed in on MYGN. TD Cowen decreased their price objective on shares of Myriad Genetics from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. Wells Fargo & Company dropped their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut shares of Myriad Genetics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 24th.
Read Our Latest Report on MYGN
Myriad Genetics Price Performance
Myriad Genetics (NASDAQ:MYGN – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $200.40 million during the quarter, compared to the consensus estimate of $202.42 million. Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.Myriad Genetics’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.03) earnings per share. On average, equities research analysts forecast that Myriad Genetics will post -0.17 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Rashmi Kumar sold 15,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.46, for a total value of $66,900.00. Following the completion of the transaction, the director directly owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Bisaro purchased 7,500 shares of the stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the transaction, the director directly owned 97,441 shares of the company’s stock, valued at approximately $359,557.29. This represents a 8.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 1.90% of the company’s stock.
Institutional Trading of Myriad Genetics
Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its stake in shares of Myriad Genetics by 2,333.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after purchasing an additional 4,480 shares in the last quarter. Quarry LP grew its stake in shares of Myriad Genetics by 155.6% during the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $27,000 after buying an additional 2,657 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Myriad Genetics by 129.6% in the 4th quarter. Royal Bank of Canada now owns 4,993 shares of the company’s stock valued at $31,000 after acquiring an additional 2,818 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Myriad Genetics during the 2nd quarter valued at about $37,000. Finally, American Century Companies Inc. purchased a new position in Myriad Genetics in the 2nd quarter worth approximately $55,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.
About Myriad Genetics
Myriad Genetics (NASDAQ: MYGN) is a molecular diagnostics company that develops and commercializes genetic tests designed to assess an individual’s risk for various hereditary conditions and to guide personalized treatment decisions. The company’s core business centers on predictive medicine, with a focus on hereditary cancer risk assessment through its flagship BRACAnalysis® test for BRCA1 and BRCA2 gene mutations. In addition to oncology, Myriad offers tests in women’s health, neurology and pharmacogenomics to support more informed clinical decision-making.
Among its product offerings are the myRisk® Hereditary Cancer test, which screens for mutations across multiple cancer-related genes, and Prequel®, a non-invasive prenatal test for assessing fetal chromosomal abnormalities.
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