Scotiabank Boosts Myriad Genetics (NASDAQ:MYGN) Price Target to $34.00

Myriad Genetics (NASDAQ:MYGN) had its target price boosted by Scotiabank from $29.00 to $34.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

MYGN has been the topic of several other research reports. TD Cowen upped their price target on Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 7th. Jefferies Financial Group reaffirmed an underperform rating and issued a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Piper Sandler raised their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a neutral rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an underweight rating in a research report on Wednesday, August 7th. Finally, Leerink Partnrs upgraded Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics presently has an average rating of Hold and a consensus price target of $27.10.

Myriad Genetics Trading Up 0.7 %

Shares of NASDAQ MYGN traded up $0.20 during trading hours on Tuesday, hitting $28.05. The company’s stock had a trading volume of 66,452 shares, compared to its average volume of 728,370. The business has a 50-day simple moving average of $25.74 and a 200-day simple moving average of $23.17. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -9.88 and a beta of 1.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.82 and a current ratio of 1.99. Myriad Genetics has a 12 month low of $13.82 and a 12 month high of $28.90.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. The firm had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.21) EPS. On average, analysts anticipate that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the sale, the director now owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Myriad Genetics

Several large investors have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC boosted its stake in shares of Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after acquiring an additional 491 shares during the last quarter. Innealta Capital LLC bought a new position in Myriad Genetics in the 2nd quarter worth $36,000. Point72 DIFC Ltd purchased a new position in Myriad Genetics during the second quarter valued at $60,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Myriad Genetics during the second quarter valued at about $82,000. Finally, Neo Ivy Capital Management purchased a new stake in Myriad Genetics in the second quarter worth about $85,000. 99.02% of the stock is currently owned by institutional investors.

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.