Myriad Genetics (NASDAQ:MYGN) Now Covered by Analysts at Scotiabank

Scotiabank began coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The firm issued a sector outperform rating and a $29.00 price target on the stock.

MYGN has been the subject of a number of other reports. Jefferies Financial Group reissued an underperform rating and set a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. SVB Leerink upgraded shares of Myriad Genetics from a market perform rating to an outperform rating and boosted their target price for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. Piper Sandler increased their price target on shares of Myriad Genetics from $23.00 to $28.00 and gave the company a neutral rating in a report on Monday, May 13th. Finally, Leerink Partnrs raised shares of Myriad Genetics from a market perform rating to an outperform rating in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Myriad Genetics has a consensus rating of Hold and a consensus price target of $25.33.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN opened at $24.31 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $22.52 and a 200 day moving average price of $21.55. Myriad Genetics has a 1-year low of $13.82 and a 1-year high of $25.95.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $202.20 million during the quarter, compared to analysts’ expectations of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The business’s revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.28) EPS. On average, research analysts anticipate that Myriad Genetics will post -0.36 EPS for the current year.

Insider Activity

In related news, CEO Paul J. Diaz sold 75,000 shares of Myriad Genetics stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Paul J. Diaz sold 57,844 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $25.13, for a total value of $1,453,619.72. Following the completion of the transaction, the chief executive officer now owns 1,236,166 shares of the company’s stock, valued at $31,064,851.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Paul J. Diaz sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the transaction, the chief executive officer now directly owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The disclosure for this sale can be found here. Insiders have sold 142,832 shares of company stock worth $3,574,217 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale increased its holdings in Myriad Genetics by 9.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 35,272 shares of the company’s stock valued at $751,000 after purchasing an additional 2,980 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Myriad Genetics in the first quarter valued at about $606,000. California State Teachers Retirement System grew its stake in shares of Myriad Genetics by 3.0% in the first quarter. California State Teachers Retirement System now owns 88,787 shares of the company’s stock valued at $1,893,000 after buying an additional 2,564 shares in the last quarter. Earnest Partners LLC raised its holdings in shares of Myriad Genetics by 0.5% during the 1st quarter. Earnest Partners LLC now owns 3,933,058 shares of the company’s stock valued at $83,853,000 after buying an additional 19,145 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in Myriad Genetics by 13.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,568 shares of the company’s stock worth $1,143,000 after acquiring an additional 6,337 shares in the last quarter. 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.