Myriad Genetics (NASDAQ:MYGN) Upgraded to “Equal Weight” at Barclays

Barclays upgraded shares of Myriad Genetics (NASDAQ:MYGN) from an underweight rating to an equal weight rating in a research note published on Thursday, Briefing.com Automated Import reports. Barclays currently has $40.00 price target on the stock, up from their previous price target of $18.00.

A number of other equities research analysts also recently weighed in on MYGN. Cowen downgraded Myriad Genetics from an outperform rating to a market perform rating and set a $26.64 price target on the stock. in a research report on Tuesday, July 9th. ValuEngine downgraded Myriad Genetics from a hold rating to a sell rating in a research report on Wednesday, May 8th. Zacks Investment Research upgraded Myriad Genetics from a sell rating to a hold rating and set a $30.00 price target on the stock in a research report on Monday, July 1st. BidaskClub upgraded Myriad Genetics from a sell rating to a hold rating in a research report on Saturday, May 4th. Finally, Needham & Company LLC downgraded Myriad Genetics from a strong-buy rating to a hold rating in a research report on Monday. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $39.74.

Shares of MYGN stock traded up $2.07 on Thursday, reaching $47.08. The company’s stock had a trading volume of 3,920,569 shares, compared to its average volume of 1,034,652. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.15 and a quick ratio of 2.86. Myriad Genetics has a 12-month low of $22.07 and a 12-month high of $50.44. The firm has a market cap of $2.17 billion, a P/E ratio of 39.23, a P/E/G ratio of 1.64 and a beta of 0.82. The company has a 50 day simple moving average of $27.20.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.04). Myriad Genetics had a return on equity of 9.82% and a net margin of 2.62%. The business had revenue of $216.60 million during the quarter, compared to analysts’ expectations of $217.76 million. During the same quarter last year, the business posted $0.34 EPS. The company’s quarterly revenue was up 18.3% on a year-over-year basis. On average, analysts predict that Myriad Genetics will post 1.44 earnings per share for the current fiscal year.

In other news, VP Gary A. King sold 60,000 shares of Myriad Genetics stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $43.49, for a total value of $2,609,400.00. Following the transaction, the vice president now owns 164,871 shares in the company, valued at $7,170,239.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bernard Tobin sold 11,712 shares of Myriad Genetics stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $40.00, for a total value of $468,480.00. Following the completion of the transaction, the insider now owns 146,040 shares in the company, valued at approximately $5,841,600. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,712 shares of company stock worth $4,115,380. Company insiders own 5.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in shares of Myriad Genetics by 0.6% in the first quarter. Baillie Gifford & Co. now owns 9,540,586 shares of the company’s stock worth $316,747,000 after buying an additional 55,642 shares during the period. Frontier Capital Management Co. LLC grew its stake in shares of Myriad Genetics by 4.4% in the first quarter. Frontier Capital Management Co. LLC now owns 3,363,970 shares of the company’s stock worth $111,684,000 after purchasing an additional 140,404 shares during the last quarter. Norges Bank bought a new stake in shares of Myriad Genetics in the fourth quarter worth about $33,803,000. Rothschild & Co. Asset Management US Inc. grew its stake in shares of Myriad Genetics by 15.4% in the second quarter. Rothschild & Co. Asset Management US Inc. now owns 952,818 shares of the company’s stock worth $26,469,000 after purchasing an additional 127,158 shares during the last quarter. Finally, Rice Hall James & Associates LLC grew its stake in shares of Myriad Genetics by 13.0% in the first quarter. Rice Hall James & Associates LLC now owns 904,913 shares of the company’s stock worth $30,043,000 after purchasing an additional 104,360 shares during the last quarter. Hedge funds and other institutional investors own 99.22% of the company’s stock.

About Myriad Genetics

Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.

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Analyst Recommendations for Myriad Genetics (NASDAQ:MYGN)

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