Myriad Genetics (NASDAQ:MYGN) Earns Equal Weight Rating from Analysts at Morgan Stanley

Morgan Stanley started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a report issued on Thursday morning, MarketBeat.com reports. The brokerage issued an equal weight rating and a $32.00 price target on the stock.

A number of other analysts have also weighed in on MYGN. Jefferies Financial Group reaffirmed an underperform rating and issued a $20.00 price target (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. Piper Sandler increased their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a neutral rating in a research note on Tuesday, August 13th. Scotiabank increased their target price on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a sector outperform rating in a research note on Tuesday, August 13th. TD Cowen increased their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a hold rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They set an overweight rating and a $35.00 target price for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $28.91.

Myriad Genetics Trading Down 2.3 %

Shares of NASDAQ:MYGN opened at $27.64 on Thursday. The company has a 50 day moving average of $27.49 and a 200-day moving average of $24.12. The firm has a market cap of $2.50 billion, a P/E ratio of -9.80 and a beta of 1.92. Myriad Genetics has a twelve month low of $13.82 and a twelve month high of $29.30. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share 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 analyst estimates of $206.44 million. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.21) EPS. As a group, analysts anticipate that Myriad Genetics will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were 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 $3,290,578.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Myriad Genetics news, Director Colleen F. Reitan sold 46,012 shares of the company’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 transaction, the director now owns 42,533 shares in the company, valued at approximately $1,188,797.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the completion of the transaction, 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 company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC increased its stake in Myriad Genetics by 75.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after buying an additional 491 shares during the period. Ameritas Investment Partners Inc. increased its stake in Myriad Genetics by 9.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after buying an additional 720 shares during the period. Arizona State Retirement System increased its stake in shares of Myriad Genetics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock worth $615,000 after purchasing an additional 829 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Myriad Genetics by 1.5% during the 2nd quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock valued at $1,389,000 after purchasing an additional 846 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its holdings in shares of Myriad Genetics by 1.2% during the 1st quarter. Texas Permanent School Fund Corp now owns 77,485 shares of the company’s stock valued at $1,652,000 after purchasing an additional 889 shares in 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.