Myriad Genetics (NASDAQ:MYGN) Receives New Coverage from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report released on Tuesday morning, Benzinga reports. The firm issued an overweight rating and a $35.00 price objective on the stock.

Several other brokerages also recently issued reports on MYGN. TD Cowen raised their price objective on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a research report on Wednesday, August 7th. Leerink Partnrs raised shares of Myriad Genetics from a market perform rating to an outperform rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. raised their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Wednesday, August 7th. Scotiabank raised their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a sector outperform rating in a research report on Tuesday, August 13th. Finally, Leerink Partners raised shares of Myriad Genetics from a market perform rating to an outperform rating and raised their price objective 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 given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $28.60.

Myriad Genetics Trading Down 0.5 %

NASDAQ MYGN opened at $27.50 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.99 and a quick ratio of 1.82. The firm’s fifty day moving average price is $26.50 and its 200 day moving average price is $23.52. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of -9.75 and a beta of 1.95. Myriad Genetics has a 12 month low of $13.82 and a 12 month high of $28.90.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, August 6th. The company reported $0.05 EPS 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 the consensus estimate 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 was up 15.3% on a year-over-year basis. During the same period last year, the firm posted ($0.21) EPS. On average, sell-side analysts expect that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Insider Activity at Myriad Genetics

In related news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the sale, the director now owns 36,705 shares in the company, valued at $808,978.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Myriad Genetics by 0.8% in the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after purchasing an additional 81,475 shares during the period. Wellington Management Group LLP lifted its stake in shares of Myriad Genetics by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after purchasing an additional 1,223,446 shares during the period. Glenview Capital Management LLC raised its position in Myriad Genetics by 39.6% during the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after acquiring an additional 1,500,000 shares during the last quarter. Earnest Partners LLC raised its position in Myriad Genetics by 3.5% during the second quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock worth $99,602,000 after acquiring an additional 138,960 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Myriad Genetics by 2.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,776,959 shares of the company’s stock worth $67,924,000 after acquiring an additional 75,445 shares during the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.