Zacks Research Upgrades Myriad Genetics (NASDAQ:MYGN) to “Hold”

Myriad Genetics (NASDAQ:MYGN) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday, Zacks reports.

A number of other brokerages have also recently issued reports on MYGN. UBS Group started coverage on Myriad Genetics in a report on Wednesday, September 9th. They issued a “neutral” rating and a $3.60 target price for the company. Wells Fargo & Company decreased their price target on Myriad Genetics from $5.50 to $3.00 and set an “equal weight” rating on the stock in a research note on Monday, August 3rd. Stephens lowered their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 18th. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. Finally, Craig Hallum lifted their price objective on Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Myriad Genetics currently has a consensus rating of “Reduce” and an average target price of $4.02.

Myriad Genetics Price Performance

Shares of Myriad Genetics stock traded down $0.37 during trading on Thursday, hitting $3.98. 1,425,471 shares of the company’s stock traded hands, compared to its average volume of 1,842,950. The company has a market cap of $380.69 million, a PE ratio of -3.34 and a beta of 1.64. The firm’s fifty day moving average price is $3.66 and its 200 day moving average price is $4.36. Myriad Genetics has a twelve month low of $2.74 and a twelve month high of $8.50. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The business had revenue of $190.70 million during the quarter, compared to analyst estimates of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the company earned $0.05 EPS. Analysts forecast that Myriad Genetics will post -0.99 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Orbimed Advisors LLC bought a new stake in Myriad Genetics during the 1st quarter worth approximately $562,500,000. BlackRock Inc. acquired a new stake in Myriad Genetics during the 2nd quarter valued at $62,184,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Myriad Genetics in the 2nd quarter valued at $8,039,000. Man Group plc acquired a new position in Myriad Genetics in the second quarter worth $5,189,000. Finally, Bank of America Corp DE acquired a new position in Myriad Genetics in the second quarter worth $5,150,000. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.