Myriad Genetics (NASDAQ:MYGN) Shares Gap Up – Still a Buy?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $25.96, but opened at $26.52. Myriad Genetics shares last traded at $25.66, with a volume of 27,630 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MYGN. Scotiabank boosted their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. TD Cowen increased their price objective 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. Wells Fargo & Company started coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. Morgan Stanley started coverage on shares of Myriad Genetics in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price target for the company. Finally, Piper Sandler lifted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $28.91.

Myriad Genetics Trading Down 5.8 %

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 cap of $2.21 billion, a P/E ratio of -8.71 and a beta of 1.91. The company has a 50-day simple moving average of $27.30 and a 200-day simple moving average of $24.52.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The business had revenue of $211.50 million during the quarter, compared to analysts’ expectations of $206.44 million. During the same period in the previous year, the business posted ($0.21) earnings per share. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, sell-side analysts forecast that Myriad Genetics, Inc. will post -0.35 EPS for the current fiscal year.

Insider Transactions at Myriad Genetics

In related 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 value of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at $3,290,578.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,188,797.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the business’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 directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Institutional Trading of Myriad Genetics

Institutional investors have recently bought and sold shares of the business. Glenview Capital Management LLC grew its stake in shares of Myriad Genetics by 39.6% during the fourth quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after purchasing an additional 1,500,000 shares during the period. UniSuper Management Pty Ltd bought a new position in Myriad Genetics during the first quarter worth about $467,000. AMH Equity Ltd acquired a new position in shares of Myriad Genetics during the 1st quarter worth about $2,345,000. Wellington Management Group LLP increased its stake in shares of Myriad Genetics by 20.4% in the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after acquiring an additional 1,223,446 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Myriad Genetics by 8.6% in the 4th quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock valued at $190,524,000 after acquiring an additional 789,496 shares during the period. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.