StockNews.com Upgrades Myriad Genetics (NASDAQ:MYGN) to Buy

Myriad Genetics (NASDAQ:MYGN) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

MYGN has been the topic of a number of other research reports. Craig Hallum assumed coverage on Myriad Genetics in a report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price target on the stock. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $30.00 to $21.00 in a research note on Monday, December 9th. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $11.50 to $12.50 in a research note on Wednesday, March 12th. Stephens reissued an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. Finally, Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $21.89.

Myriad Genetics Trading Down 5.3 %

Shares of MYGN stock opened at $9.21 on Tuesday. The business has a 50-day moving average of $11.89 and a 200 day moving average of $16.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics has a 1-year low of $9.19 and a 1-year high of $29.30. The stock has a market capitalization of $840.96 million, a PE ratio of -7.08 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The company had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $210.35 million. During the same period last year, the company posted ($0.12) EPS. As a group, sell-side analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new stake in Myriad Genetics in the third quarter worth $32,000. Sterling Capital Management LLC boosted its stake in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after purchasing an additional 2,556 shares in the last quarter. KBC Group NV grew its position in Myriad Genetics by 132.8% during the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after purchasing an additional 3,334 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Myriad Genetics by 43.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock valued at $132,000 after purchasing an additional 1,471 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Myriad Genetics in the third quarter worth about $153,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.