Myriad Genetics (NASDAQ:MYGN) Coverage Initiated at Scotiabank

Scotiabank initiated coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report issued on Thursday, MarketBeat reports. The firm issued a sector outperform rating and a $29.00 price objective on the stock.

Several other equities analysts have also weighed in on MYGN. Piper Sandler raised their price objective 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. 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. Leerink Partnrs raised Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Finally, SVB Leerink raised 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 report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $25.33.

Myriad Genetics Trading Down 1.3 %

Myriad Genetics stock opened at $24.31 on Thursday. The firm’s 50 day moving average price is $22.52 and its two-hundred day moving average price is $21.55. Myriad Genetics has a twelve month low of $13.82 and a twelve month high of $25.95. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 6.77% and a negative net margin of 30.30%. Myriad Genetics’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the company earned ($0.28) earnings per share. On average, analysts forecast that Myriad Genetics will post -0.36 EPS for the current year.

Insider Transactions at Myriad Genetics

In other news, CEO Paul J. Diaz sold 57,844 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $25.13, for a total value of $1,453,619.72. Following the completion of the sale, the chief executive officer now directly owns 1,236,166 shares of the company’s stock, valued at $31,064,851.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Paul J. Diaz sold 57,844 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $25.13, for a total transaction of $1,453,619.72. Following the completion of the transaction, the chief executive officer now owns 1,236,166 shares of the company’s stock, valued at $31,064,851.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel K. Spiegelman sold 3,788 shares of Myriad Genetics stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the sale, the director now directly owns 36,705 shares in the company, valued at $808,978.20. The disclosure for this sale can be found here. Insiders sold a total of 142,832 shares of company stock worth $3,574,217 over the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Myriad Genetics by 21.4% in the 4th quarter. Blue Trust Inc. now owns 6,729 shares of the company’s stock valued at $129,000 after buying an additional 1,186 shares during the period. Ameritas Investment Partners Inc. increased its stake in Myriad Genetics by 9.0% in the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after acquiring an additional 720 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Myriad Genetics by 90.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 8,805 shares of the company’s stock valued at $188,000 after acquiring an additional 4,193 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Myriad Genetics by 388.0% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,253 shares of the company’s stock worth $196,000 after purchasing an additional 8,152 shares during the period. Finally, Clarus Wealth Advisors bought a new position in Myriad Genetics during the fourth quarter worth about $204,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

About Myriad Genetics

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.