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

Key Points

• Analysts are cautious on Myriad Genetics: The stock has a consensus rating of Hold from six analysts, with an average 12-month price target of $6.50. Recent research reports have mostly trimmed targets and maintained neutral-to-hold views.
• Recent earnings missed expectations: Myriad Genetics reported quarterly EPS of -$0.09, missing estimates, while revenue of $200.4 million also came in slightly below forecasts. Revenue was still up 2.3% year over year, but profitability remained negative.
• Insiders and institutions have been active: Director Paul Bisaro bought shares while Director Rashmi Kumar sold shares under a Rule 10b5-1 plan. Institutional investors continue to dominate ownership, holding about 99.02% of the company.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) has received a consensus recommendation of "Hold" from the six analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $6.50.

A number of equities research analysts have issued reports on the company. Wells Fargo & Company reduced their price target on 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 target on Myriad Genetics from $7.00 to $6.00 and set a "hold" rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings raised Myriad Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, June 4th. Zacks Research raised Myriad Genetics from a "strong sell" rating to a "hold" rating in a research report on Thursday, February 26th. Finally, UBS Group reduced their price target on Myriad Genetics from $8.00 to $6.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 24th.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director Paul Bisaro acquired 7,500 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of $3.69 per share, for a total transaction of $27,675.00. Following the acquisition, the director owned 97,441 shares in the company, valued at $359,557.29. The trade was a 8.34% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction dated 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 owned 171,889 shares in the company, valued at approximately $766,624.94. The trade was a 8.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MYGN. EverSource Wealth Advisors LLC grew 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 during the last quarter. Quarry LP grew its stake in shares of Myriad Genetics by 155.6% in the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $27,000 after purchasing an additional 2,657 shares during the last quarter. Hantz Financial Services Inc. grew its stake in shares of Myriad Genetics by 1,088.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company's stock valued at $30,000 after purchasing an additional 3,745 shares during the last quarter. Royal Bank of Canada grew 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 purchasing an additional 2,818 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Myriad Genetics in the 2nd quarter valued at approximately $37,000. Hedge funds and other institutional investors own 99.02% of the company's stock.

Myriad Genetics Price Performance

MYGN opened at $4.54 on Wednesday. The company has a current ratio of 2.40, a quick ratio of 2.19 and a debt-to-equity ratio of 0.36. The firm has a market cap of $428.80 million, a price-to-earnings ratio of -1.06 and a beta of 1.73. The stock's 50-day moving average price is $4.42 and its 200 day moving average price is $5.33. Myriad Genetics has a 12-month low of $3.53 and a 12-month high of $8.59.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.03). The company had revenue of $200.40 million during the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 48.24% and a negative return on equity of 8.51%. Myriad Genetics's revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. As a group, sell-side analysts expect that Myriad Genetics will post -0.17 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.