Myriad Genetics (NASDAQ:MYGN) Shares Gap Up - Here's What Happened

Key Points

• Shares of Myriad Genetics (NASDAQ:MYGN) gapped up before trading, opening at $5.19 after closing at $3.87.
• Analysts have mixed views on the stock; while Raymond James maintains an "outperform" rating with a $10.00 price target, UBS Group has downgraded it to a "neutral" rating with a $7.00 target.
• Myriad Genetics reported a negative earnings per share of ($0.03) for the latest quarter, beating expectations but with revenue declining 33.6% year-over-year.

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $3.87, but opened at $5.19. Myriad Genetics shares last traded at $5.31, with a volume of 3,850,921 shares.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MYGN shares. Raymond James Financial reissued an "outperform" rating and set a $10.00 price target (down from $19.00) on shares of Myriad Genetics in a research report on Wednesday, May 7th. Craig Hallum set a $18.00 price objective on Myriad Genetics and gave the company a "buy" rating in a research report on Wednesday, May 7th. Wolfe Research lowered shares of Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research note on Thursday, May 8th. UBS Group dropped their target price on shares of Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Finally, Wells Fargo & Company lowered Myriad Genetics from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $22.00 to $6.00 in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $14.38.

Myriad Genetics Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.90 and a quick ratio of 1.71. The company has a market capitalization of $518.33 million, a PE ratio of -5.01 and a beta of 1.89. The stock has a 50-day simple moving average of $4.89 and a 200 day simple moving average of $7.79.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. The firm had revenue of $195.90 million for the quarter, compared to analyst estimates of $200.37 million. Myriad Genetics had a negative return on equity of 4.95% and a negative net margin of 12.20%. Myriad Genetics's revenue was down 33.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.01) EPS. Equities analysts anticipate that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently bought and sold shares of MYGN. Northern Trust Corp lifted its holdings in shares of Myriad Genetics by 6.7% during the 4th quarter. Northern Trust Corp now owns 1,032,132 shares of the company's stock valued at $14,151,000 after acquiring an additional 64,923 shares in the last quarter. Barclays PLC grew its holdings in Myriad Genetics by 7.3% during the 4th quarter. Barclays PLC now owns 204,051 shares of the company's stock valued at $2,797,000 after purchasing an additional 13,808 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Myriad Genetics by 57.0% during the first quarter. Blue Trust Inc. now owns 14,367 shares of the company's stock valued at $127,000 after acquiring an additional 5,214 shares in the last quarter. Man Group plc purchased a new position in Myriad Genetics in the fourth quarter valued at about $390,000. Finally, Vanguard Group Inc. grew its position in shares of Myriad Genetics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company's stock worth $145,203,000 after buying an additional 279,379 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.

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