Myriad Genetics, Inc. (NASDAQ:MYGN) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts are cautious on Myriad Genetics, with seven covering the stock assigning an average rating of “Hold” and a consensus 1-year price target of $6.40.
• Recent earnings missed expectations: the company reported a loss of $0.09 per share versus estimates of a $0.06 loss, while revenue of $200.4 million came in slightly below forecasts.
• Insiders have been buying shares, including Director Paul Bisaro and CEO Samraat S. Raha, with insider purchases totaling 152,007 shares over the past 90 days.

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) have been given an average recommendation of "Hold" by the seven analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $6.40.

MYGN has been the topic of a number of analyst reports. Wells Fargo & Company decreased their target price on shares of Myriad Genetics from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research report on Wednesday, May 6th. TD Cowen reduced their price objective on Myriad Genetics from $7.00 to $6.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. Zacks Research upgraded Myriad Genetics from a "strong sell" rating to a "hold" rating in a report on Thursday, February 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Myriad Genetics in a research note on Friday, March 27th. Finally, UBS Group dropped their target price on Myriad Genetics from $8.00 to $6.00 and set a "neutral" rating for the company in a report on Tuesday, February 24th.

Insider Activity

In related news, Director Paul Bisaro acquired 7,500 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was purchased at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the purchase, the director owned 97,441 shares in the company, valued at $359,557.29. This trade represents a 8.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Samraat S. Raha bought 40,000 shares of the firm's stock in a transaction that occurred on Monday, March 9th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the completion of the purchase, the chief executive officer owned 493,104 shares of the company's stock, valued at $2,465,520. This trade represents a 8.83% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 152,007 shares of company stock valued at $722,223. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Baird Financial Group Inc. bought a new stake in shares of Myriad Genetics in the 1st quarter worth approximately $105,000. Royal Bank of Canada raised its holdings in shares of Myriad Genetics by 82.4% during the first quarter. Royal Bank of Canada now owns 33,326 shares of the company's stock valued at $296,000 after acquiring an additional 15,057 shares in the last quarter. AQR Capital Management LLC lifted its stake in Myriad Genetics by 278.9% in the first quarter. AQR Capital Management LLC now owns 433,392 shares of the company's stock worth $3,844,000 after acquiring an additional 319,007 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Myriad Genetics by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 299,256 shares of the company's stock valued at $2,654,000 after acquiring an additional 14,027 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in Myriad Genetics by 1,076.9% in the first quarter. Jane Street Group LLC now owns 213,826 shares of the company's stock valued at $1,897,000 after acquiring an additional 195,658 shares in the last quarter. Institutional investors own 99.02% of the company's stock.

Myriad Genetics Stock Down 1.1%

Shares of NASDAQ MYGN opened at $3.58 on Friday. Myriad Genetics has a one year low of $3.57 and a one year high of $8.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19. The firm's 50 day simple moving average is $4.65 and its two-hundred day simple moving average is $5.69. The stock has a market capitalization of $338.12 million, a P/E ratio of -0.83 and a beta of 1.81.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Myriad Genetics had a negative return on equity of 8.51% and a negative net margin of 48.24%.The business had revenue of $200.40 million for the quarter, compared to analysts' expectations of $202.42 million. During the same period last year, the business posted ($0.03) earnings per share. The company's revenue was up 2.3% compared to the same quarter last year. As a group, analysts expect that Myriad Genetics will post -0.26 EPS for the current fiscal year.

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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