Myriad Genetics (NASDAQ:MYGN) Earns Neutral Rating from Analysts at UBS Group

Key Points

• UBS Group initiated coverage of Myriad Genetics with a neutral rating and a $3.60 price target, implying roughly 14.9% upside from the stock’s reported $3.13 price.
• Analyst sentiment remains cautious: Myriad has a consensus “Reduce” rating and an average price target of $3.12, with four Hold ratings and three Sell ratings.
• The company reported a quarterly loss of $0.25 per share versus the expected $0.06 loss, while revenue of $190.7 million fell short of estimates and declined 10.5% year over year.

Analysts at UBS Group assumed coverage on shares of Myriad Genetics (NASDAQ:MYGN - Get Free Report) in a research report issued on Wednesday, MarketBeat.com reports. The firm set a "neutral" rating and a $3.60 price target on the stock. UBS Group's price objective points to a potential upside of 14.87% from the company's current price.

A number of other brokerages have also recently commented on MYGN. Weiss Ratings cut Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, July 30th. TD Cowen reduced their price objective on Myriad Genetics from $6.00 to $4.00 and set a "hold" rating on the stock in a research report on Friday, July 31st. Zacks Research cut Myriad Genetics from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Wells Fargo & Company dropped their target price on Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating for the company in a research report on Monday, August 3rd. Finally, Stephens reduced their price target on Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 18th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Myriad Genetics has a consensus rating of "Reduce" and an average price target of $3.12.

Myriad Genetics Stock Performance

Shares of MYGN stock traded down $0.05 during midday trading on Wednesday, hitting $3.13. 106,552 shares of the company were exchanged, compared to its average volume of 1,697,779. The firm has a market capitalization of $299.77 million, a P/E ratio of -2.63 and a beta of 1.68. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.98 and a current ratio of 2.21. The firm's 50 day moving average price is $4.33 and its two-hundred day moving average price is $4.50. Myriad Genetics has a 52 week low of $2.74 and a 52 week high of $8.59.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The business had revenue of $190.70 million for the quarter, compared to the consensus estimate of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%.The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 earnings per share. As a group, equities research analysts anticipate that Myriad Genetics will post -0.99 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP acquired a new position in shares of Myriad Genetics during the second quarter worth approximately $25,000. Quarry LP raised its holdings in Myriad Genetics by 155.6% during the fourth quarter. Quarry LP now owns 4,365 shares of the company's stock worth $27,000 after buying an additional 2,657 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Myriad Genetics by 2,333.3% during the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company's stock valued at $25,000 after buying an additional 4,480 shares during the last quarter. Royal Bank of Canada lifted its position in 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Myriad Genetics in the second quarter valued at approximately $37,000. 99.02% of the stock is owned by institutional investors.

Myriad Genetics Company Profile

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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