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

Key Points

• Analyst sentiment is cautious: Myriad Genetics has a consensus rating of “Hold” from six covering brokerages, with an average 12-month price target of $6.50.
• Recent analyst revisions were mixed but mostly negative: Wells Fargo and TD Cowen both lowered their price targets, while Weiss Ratings downgraded the stock further into sell territory.
• Latest results were weaker than expected: The company reported a loss of $0.09 per share versus an expected loss of $0.06, and revenue of $200.4 million also slightly missed estimates. Shares were flat at $5.99 in the latest trading session.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) has received an average rating of "Hold" from the six brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $6.50.

A number of research analysts have recently commented on MYGN shares. Wells Fargo & Company reduced their price target 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. Weiss Ratings cut Myriad Genetics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, June 24th. Finally, TD Cowen decreased their target price 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.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock remained flat at $5.99 on Friday. 1,224,485 shares of the stock were exchanged, compared to its average volume of 1,577,009. The stock's 50-day moving average price is $4.52 and its 200 day moving average price is $5.05. The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36. Myriad Genetics has a 52-week low of $3.53 and a 52-week high of $8.59. The stock has a market capitalization of $565.76 million, a P/E ratio of -1.39 and a beta of 1.64.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its quarterly earnings data 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 net margin of 48.24% and a negative return on equity of 8.51%. The firm had revenue of $200.40 million for the quarter, compared to analysts' expectations of $202.42 million. During the same period in the prior year, the firm posted ($0.03) EPS. Myriad Genetics's revenue was up 2.3% on a year-over-year basis. On average, equities analysts anticipate that Myriad Genetics will post -0.17 EPS for the current fiscal year.

Insider Activity

In related news, Director Rashmi Kumar sold 15,000 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 171,889 shares in the company, valued at approximately $766,624.94. This represents a 8.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 bought 7,500 shares of the company's stock in a transaction on Thursday, May 14th. The shares were bought at an average price of $3.69 per share, with a total value of $27,675.00. Following the completion of the transaction, the director owned 97,441 shares of the company's stock, valued at $359,557.29. The trade was a 8.34% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently made changes to their positions in the business. Aberdeen Group plc lifted its stake in Myriad Genetics by 38.6% in the fourth quarter. Aberdeen Group plc now owns 885,801 shares of the company's stock worth $5,448,000 after purchasing an additional 246,748 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Myriad Genetics by 4.3% during the fourth quarter. Vanguard Group Inc. now owns 8,225,371 shares of the company's stock valued at $50,586,000 after buying an additional 342,856 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Myriad Genetics by 543.3% in the 4th quarter. Intech Investment Management LLC now owns 228,779 shares of the company's stock valued at $1,407,000 after acquiring an additional 193,215 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Myriad Genetics by 23.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,446,961 shares of the company's stock valued at $6,511,000 after acquiring an additional 279,227 shares during the period. Finally, UBS Group AG increased its stake in Myriad Genetics by 29.8% in the 4th quarter. UBS Group AG now owns 639,691 shares of the company's stock worth $3,934,000 after purchasing an additional 147,045 shares during the period. 99.02% of the stock is currently 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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