Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Brokerages have a consensus “Hold” rating on Myriad Genetics, with four holds, one sell and one buy among six analysts. The average 12-month price target is $6.50.
• Myriad Genetics shares rose 4.8% to $5.28, but the company’s latest quarterly results fell short of expectations: adjusted EPS was a $0.09 loss versus a projected $0.06 loss, while revenue reached $200.4 million, slightly below estimates.
• Insider trading was mixed, with a director purchasing 7,500 shares and another selling 15,000 shares under a pre-arranged trading plan. Institutional investors own approximately 99.02% of the company.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) has earned an average recommendation of "Hold" from the six brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $6.50.

Several equities research analysts recently issued reports on the company. Wells Fargo & Company dropped 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. Weiss Ratings raised shares of Myriad Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Finally, TD Cowen lowered their target price on shares of Myriad Genetics from $7.00 to $6.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th.

Myriad Genetics Stock Up 4.8%

NASDAQ:MYGN traded up $0.24 during mid-day trading on Thursday, reaching $5.28. The stock had a trading volume of 84,695 shares, compared to its average volume of 1,552,971. The company has a market capitalization of $498.88 million, a price-to-earnings ratio of -1.22 and a beta of 1.64. Myriad Genetics has a 1-year low of $3.53 and a 1-year high of $8.59. The stock's 50 day simple moving average is $5.08 and its two-hundred day simple moving average is $4.96. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.40 and a quick ratio of 2.19.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.09) earnings per share 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 during the quarter, compared to the consensus estimate of $202.42 million. During the same period in the prior year, the firm earned ($0.03) earnings per share. The firm's quarterly revenue was up 2.3% compared to the same quarter last year. Equities analysts anticipate that Myriad Genetics will post -0.17 EPS for the current year.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, Director Paul Bisaro acquired 7,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $3.69 per share, with a total value of $27,675.00. Following the transaction, the director directly owned 97,441 shares in the company, valued at approximately $359,557.29. This represents a 8.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rashmi Kumar sold 15,000 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $4.46, for a total transaction of $66,900.00. Following the sale, the director owned 171,889 shares in the company, valued at approximately $766,624.94. This trade represents 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. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Myriad Genetics

Hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. grew its stake in Myriad Genetics by 1.8% during the 3rd quarter. Alliancebernstein L.P. now owns 101,234 shares of the company's stock worth $732,000 after buying an additional 1,784 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Myriad Genetics by 1.0% during the second quarter. Legal & General Group Plc now owns 237,688 shares of the company's stock valued at $1,262,000 after acquiring an additional 2,313 shares during the period. Quarry LP boosted its holdings 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 acquiring an additional 2,657 shares during the period. Franklin Resources Inc. grew its position in shares of Myriad Genetics by 2.7% during the fourth quarter. Franklin Resources Inc. now owns 103,374 shares of the company's stock worth $636,000 after acquiring an additional 2,714 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings 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 worth $31,000 after acquiring an additional 2,818 shares during the period. Institutional investors own 99.02% of the company's stock.

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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