Myriad Genetics (NASDAQ:MYGN) Given New $5.50 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company cut its price target on Myriad Genetics to $5.50 (from $6.00) and kept an "equal weight" rating, a target the report says implies about a 34% upside from the current share price.
• Myriad missed quarterly expectations—reporting EPS of ($0.09) vs. ($0.06) expected and revenue of $200.4M (slightly below estimates)—and remains unprofitable with a negative net margin of 44.38% while the stock trades around $4.10.
• Company insiders have been buying shares recently: CEO Samraat Raha purchased 40,000 shares at $5.00 and a director bought 50,407 shares at $4.80, with insiders acquiring 144,507 shares (~$694K) over the last 90 days.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) had its target price decreased by Wells Fargo & Company from $6.00 to $5.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price target would indicate a potential upside of 34.24% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Myriad Genetics in a research note on Friday, March 27th. TD Cowen upgraded shares of Myriad Genetics to a "hold" rating in a research note on Monday, April 13th. Zacks Research upgraded shares of Myriad Genetics from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 26th. Finally, UBS Group dropped their price objective on shares of Myriad Genetics from $8.00 to $6.00 and set a "neutral" rating for the company in a research note on Tuesday, February 24th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $8.88.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock traded down $0.93 on Wednesday, reaching $4.10. The stock had a trading volume of 1,180,849 shares, compared to its average volume of 1,506,417. The business's 50-day moving average price is $4.78 and its two-hundred day moving average price is $5.90. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.26 and a current ratio of 2.49. Myriad Genetics has a fifty-two week low of $3.75 and a fifty-two week high of $8.59. The stock has a market cap of $386.92 million, a P/E ratio of -1.03 and a beta of 1.81.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its 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). The company had revenue of $200.40 million for the quarter, compared to analyst estimates of $202.42 million. Myriad Genetics had a negative net margin of 44.38% and a negative return on equity of 6.35%. Myriad Genetics's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.03) earnings per share. On average, sell-side analysts forecast that Myriad Genetics will post -0.37 EPS for the current year.

Insider Transactions at Myriad Genetics

In other Myriad Genetics news, CEO Samraat S. Raha bought 40,000 shares of the business's stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the transaction, the chief executive officer owned 493,104 shares in the company, valued at approximately $2,465,520. This trade represents a 8.83% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director S. Louise Phanstiel purchased 50,407 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The stock was purchased at an average price of $4.80 per share, for a total transaction of $241,953.60. Following the completion of the transaction, the director directly owned 233,951 shares in the company, valued at $1,122,964.80. This trade represents a 27.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 144,507 shares of company stock worth $694,548. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of Myriad Genetics

Several hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in Myriad Genetics by 23.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 7,120 shares of the company's stock worth $51,000 after buying an additional 1,347 shares during the period. Alliancebernstein L.P. raised its holdings 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 period. Legal & General Group Plc raised its holdings in Myriad Genetics by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 237,688 shares of the company's stock worth $1,262,000 after buying an additional 2,313 shares during the period. Quarry LP raised its holdings in Myriad Genetics by 155.6% during the 4th 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 period. Finally, Franklin Resources Inc. grew its stake in shares of Myriad Genetics by 2.7% during the 4th quarter. Franklin Resources Inc. now owns 103,374 shares of the company's stock worth $636,000 after acquiring an additional 2,714 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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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