Myriad Genetics (NASDAQ:MYGN) Stock Rating Upgraded by TD Cowen

Key Points

• TD Cowen upgraded Myriad Genetics (NASDAQ:MYGN) to a "hold" rating; the street consensus is currently an average Hold with an average price target of $8.94.
• Insider buying: CEO Samraat S. Raha and director S. Louise Phanstiel recently bought 40,000 and 48,000 shares respectively, and insiders purchased 144,507 shares in the last 90 days, indicating notable insider accumulation.
• Myriad reported Q results that beat EPS and revenue estimates (EPS $0.04, revenue $209.8M) but remains unprofitable with a negative net margin of 44.38%; the stock trades around $4.91 with a market cap of $459M and a 52-week range of $3.76–$8.59.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) was upgraded by equities researchers at TD Cowen to a "hold" rating in a report issued on Monday,Zacks.com reports.

MYGN has been the topic of several other research reports. UBS Group lowered their price target on shares of Myriad Genetics from $8.00 to $6.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 24th. Zacks Research upgraded shares of Myriad Genetics from a "strong sell" rating to a "hold" rating in a research note on Thursday, February 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Myriad Genetics in a report on Friday, March 27th. Finally, Wells Fargo & Company lowered their target price on shares of Myriad Genetics from $6.50 to $6.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 24th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Myriad Genetics currently has an average rating of "Hold" and an average price target of $8.94.

Myriad Genetics Stock Performance

Shares of MYGN opened at $4.91 on Monday. The firm has a market cap of $459.13 million, a PE ratio of -1.25 and a beta of 1.86. The stock's fifty day moving average price is $4.73 and its two-hundred day moving average price is $6.15. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.49 and a quick ratio of 2.26. Myriad Genetics has a 1 year low of $3.76 and a 1 year high of $8.59.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last issued its earnings results on Monday, February 23rd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.06. The firm had revenue of $209.80 million for the quarter, compared to analyst estimates of $207.57 million. Myriad Genetics had a negative return on equity of 6.35% and a negative net margin of 44.38%.The business's revenue was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. On average, equities research analysts forecast that Myriad Genetics will post -0.3 EPS for the current year.

Insider Buying and Selling

In other Myriad Genetics news, CEO Samraat S. Raha bought 40,000 shares of the firm's stock in a transaction on Monday, March 9th. The shares were acquired at an average cost of $5.00 per share, for a total transaction of $200,000.00. Following the purchase, the chief executive officer directly owned 493,104 shares of the company's stock, valued at $2,465,520. The trade was a 8.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director S. Louise Phanstiel bought 48,000 shares of the firm's stock in a transaction on Friday, February 27th. The stock was acquired at an average price of $4.66 per share, for a total transaction of $223,680.00. Following the completion of the purchase, the director directly owned 281,951 shares in the company, valued at approximately $1,313,891.66. The trade was a 20.52% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 144,507 shares of company stock worth $694,548 in the last ninety days. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its stake in Myriad Genetics by 23.3% in the 3rd quarter. Nisa Investment Advisors LLC now owns 7,120 shares of the company's stock worth $51,000 after acquiring an additional 1,347 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Myriad Genetics by 1.8% in 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 increased its holdings in shares of Myriad Genetics by 1.0% in 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 last quarter. Quarry LP increased its holdings in shares of Myriad Genetics by 155.6% in 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 last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Myriad Genetics by 2.7% in the 4th quarter. Franklin Resources Inc. now owns 103,374 shares of the company's stock worth $636,000 after buying an additional 2,714 shares during the last quarter. 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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