Scotiabank Initiates Coverage on Myriad Genetics (NASDAQ:MYGN)

Scotiabank assumed coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research note issued on Thursday, Marketbeat.com reports. The firm set a “sector outperform” rating and a $29.00 price target on the stock. Scotiabank’s target price would suggest a potential upside of 18.56% from the company’s previous close.

Other analysts also recently issued reports about the company. Jefferies Financial Group reissued an “underperform” rating and issued a $20.00 price objective (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Leerink Partnrs upgraded Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday, May 8th. SVB Leerink upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $25.00 to $35.00 in a research note on Wednesday, May 8th. Finally, Piper Sandler raised their price target on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $25.33.

Myriad Genetics Trading Up 0.6 %

NASDAQ MYGN opened at $24.46 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $25.95. The business has a 50 day moving average price of $22.64 and a 200-day moving average price of $21.59. The company has a market cap of $2.21 billion, a price-to-earnings ratio of -8.67 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $202.20 million during the quarter, compared to analyst estimates of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. Myriad Genetics’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.28) EPS. As a group, equities analysts expect that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total value of $1,880,250.00. Following the transaction, the chief executive officer now directly owns 1,066,166 shares in the company, valued at $26,728,781.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Myriad Genetics news, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total value of $1,880,250.00. Following the sale, the chief executive officer now directly owns 1,066,166 shares in the company, valued at $26,728,781.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daniel K. Spiegelman sold 3,788 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the transaction, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 142,832 shares of company stock worth $3,574,217. Insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the business. Glenview Capital Management LLC grew its stake in Myriad Genetics by 39.6% in the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after buying an additional 1,500,000 shares in the last quarter. Natixis Advisors L.P. raised its stake in shares of Myriad Genetics by 44.3% during the 4th quarter. Natixis Advisors L.P. now owns 190,278 shares of the company’s stock valued at $3,641,000 after purchasing an additional 58,449 shares during the period. Wellington Management Group LLP lifted its holdings in Myriad Genetics by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,996,260 shares of the company’s stock worth $96,180,000 after purchasing an additional 251,426 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Myriad Genetics by 609.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 131,553 shares of the company’s stock worth $2,110,000 after purchasing an additional 113,000 shares during the period. Finally, Sei Investments Co. boosted its stake in Myriad Genetics by 41.9% in the 4th quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock worth $41,370,000 after purchasing an additional 638,147 shares during the period. 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.