Myriad Genetics (NASDAQ:MYGN) Upgraded to Hold by Zacks Investment Research

Myriad Genetics (NASDAQ:MYGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports. The brokerage presently has a $15.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 2.46% from the company’s previous close.

According to Zacks, “Myriad Genetics reported strong year-over-year revenue growth in EndoPredict, Prolaris and Other testing segments. Pharmaceutical and clinical service segments also witnessed an upside in revenues. The company expects to register uptick in hereditary cancer volumes on account of its contract with UnitedHealthcare. We are upbeat about the FDA approval attained by the company for myChoice CDx and BRACAnalysis CDx as companion diagnostic tests. On the flip side, the company saw a decline in Hereditary Cancer, GeneSight, Vectra and Prenatal revenues and incurred operating loss. A lowered fiscal 2020 guidance indicates chances of continuation of this sluggish trend. It also exhibited a dismal performance in the second-quarter fiscal 2020. Over the past six months, Myriad Genetics has underperformed the industry it belongs to.”

Other equities analysts have also recently issued research reports about the company. TheStreet cut Myriad Genetics from a “c-” rating to a “d+” rating in a report on Friday, March 13th. Piper Sandler cut their price objective on Myriad Genetics from to in a report on Friday, February 7th. Barclays cut their price objective on Myriad Genetics from $14.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their price objective on Myriad Genetics from $17.00 to $14.00 and set an “underweight” rating on the stock in a report on Friday, March 6th. Finally, Needham & Company LLC started coverage on Myriad Genetics in a report on Friday, January 3rd. They set a “strong-buy” rating and a $36.00 price objective on the stock. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a strong buy rating to the stock. Myriad Genetics currently has a consensus rating of “Hold” and an average target price of $23.46.

Shares of NASDAQ:MYGN traded up $0.18 during trading on Thursday, hitting $14.64. 439,948 shares of the company’s stock traded hands, compared to its average volume of 1,300,670. Myriad Genetics has a 52 week low of $9.24 and a 52 week high of $48.40. The company has a current ratio of 3.25, a quick ratio of 3.00 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -40.67, a price-to-earnings-growth ratio of 8.18 and a beta of 1.41. The company has a 50-day moving average price of $17.19 and a 200-day moving average price of $25.08.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.01. Myriad Genetics had a positive return on equity of 5.42% and a negative net margin of 3.22%. The business had revenue of $195.10 million for the quarter, compared to analysts’ expectations of $209.61 million. During the same quarter in the previous year, the business posted $0.38 EPS. Myriad Genetics’s revenue for the quarter was down 10.0% on a year-over-year basis. On average, analysts predict that Myriad Genetics will post 0.13 earnings per share for the current fiscal year.

In related news, insider Nicole Lambert sold 4,354 shares of Myriad Genetics stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $19.73, for a total value of $85,904.42. Following the sale, the insider now owns 59,150 shares of the company’s stock, valued at approximately $1,167,029.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.90% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of MYGN. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Myriad Genetics during the 1st quarter worth approximately $183,000. First Trust Advisors LP acquired a new position in shares of Myriad Genetics during the 3rd quarter worth approximately $381,000. Pictet Asset Management Ltd. increased its holdings in shares of Myriad Genetics by 9.8% during the 3rd quarter. Pictet Asset Management Ltd. now owns 477,884 shares of the company’s stock worth $13,682,000 after acquiring an additional 42,500 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Myriad Genetics by 1.5% during the 3rd quarter. California State Teachers Retirement System now owns 109,654 shares of the company’s stock worth $3,139,000 after acquiring an additional 1,652 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN increased its holdings in shares of Myriad Genetics by 2.8% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,782,027 shares of the company’s stock worth $79,649,000 after acquiring an additional 74,663 shares during the last quarter.

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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