Myriad Genetics (NASDAQ:MYGN) Reaches New 52-Week High at $29.30

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week high on Wednesday . The stock traded as high as $29.30 and last traded at $28.55, with a volume of 172470 shares trading hands. The stock had previously closed at $28.60.

Analysts Set New Price Targets

Several research firms have recently commented on MYGN. Piper Sandler upped their price target on Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 13th. Morgan Stanley started coverage on shares of Myriad Genetics in a research note on Thursday. They issued an “equal weight” rating and a $32.00 target price for the company. Jefferies Financial Group reiterated 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. Wells Fargo & Company began coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective for the company. Finally, TD Cowen lifted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.91.

Myriad Genetics Trading Down 0.6 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78. The business has a 50-day moving average price of $27.42 and a two-hundred day moving average price of $24.04. The firm has a market cap of $2.56 billion, a PE ratio of -10.09 and a beta of 1.92.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The company had revenue of $211.50 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) earnings per share. Analysts forecast that Myriad Genetics, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at Myriad Genetics

In other news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction 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. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors have recently added to or reduced their stakes in MYGN. Charles Schwab Investment Management Inc. increased its stake in shares of Myriad Genetics by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 926,159 shares of the company’s stock valued at $17,727,000 after acquiring an additional 41,353 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Myriad Genetics by 115.7% during the fourth quarter. BNP Paribas Financial Markets now owns 90,009 shares of the company’s stock worth $1,723,000 after purchasing an additional 48,278 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Myriad Genetics by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,680,918 shares of the company’s stock valued at $51,315,000 after purchasing an additional 89,330 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Myriad Genetics by 4.3% during the 4th quarter. Principal Financial Group Inc. now owns 471,736 shares of the company’s stock valued at $9,029,000 after buying an additional 19,657 shares during the period. Finally, Monashee Investment Management LLC purchased a new stake in Myriad Genetics during the fourth quarter valued at about $957,000. 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.