Analysts Set Myriad Genetics, Inc. (NASDAQ:MYGN) Target Price at $28.60

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned an average rating of “Hold” from the eleven brokerages that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $28.60.

MYGN has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on Myriad Genetics in a research note on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price target for the company. Jefferies Financial Group restated an “underperform” rating and set a $20.00 price target (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. JPMorgan Chase & Co. boosted their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. TD Cowen boosted their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Scotiabank boosted their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th.

Insider Activity

In other news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the sale, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the sale, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new stake in Myriad Genetics in the second quarter worth $537,000. Maven Securities LTD purchased a new stake in Myriad Genetics in the second quarter worth $1,223,000. Point72 Asset Management L.P. increased its stake in Myriad Genetics by 7.9% in the second quarter. Point72 Asset Management L.P. now owns 839,456 shares of the company’s stock worth $20,533,000 after purchasing an additional 61,260 shares during the period. Disciplined Growth Investors Inc. MN increased its stake in Myriad Genetics by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,087,328 shares of the company’s stock worth $51,056,000 after purchasing an additional 10,035 shares during the period. Finally, Algert Global LLC purchased a new stake in Myriad Genetics in the second quarter worth $221,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

Myriad Genetics Price Performance

MYGN opened at $27.59 on Friday. The company’s 50-day simple moving average is $27.23 and its two-hundred day simple moving average is $23.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 1.96. The stock has a market capitalization of $2.51 billion, a P/E ratio of -9.78 and a beta of 1.92. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $29.08.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.06. The company had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.21) earnings per share. As a group, analysts predict that Myriad Genetics will post -0.34 EPS for the current year.

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.