Myriad Genetics (NASDAQ:MYGN) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research report issued to clients and investors on Thursday, Briefing.com reports. The brokerage set an “equal weight” rating and a $32.00 price target on the stock. Morgan Stanley’s price target indicates a potential upside of 12.40% from the stock’s current price.

MYGN has been the subject of a number of other research reports. Scotiabank boosted their price target 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. Piper Sandler boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. Jefferies Financial Group reaffirmed an “underperform” rating and issued a $20.00 price target (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. JPMorgan Chase & Co. boosted their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Finally, TD Cowen lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $28.91.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN opened at $28.47 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average price is $27.35 and its 200-day moving average price is $24.01. The firm has a market capitalization of $2.58 billion, a P/E ratio of -10.10 and a beta of 1.92. Myriad Genetics has a 1-year low of $13.82 and a 1-year high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last posted 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. 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 for the quarter, compared to the consensus estimate of $206.44 million. During the same period in the prior year, the business earned ($0.21) EPS. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities research analysts anticipate that Myriad Genetics will post -0.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction 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 in the company, valued at approximately $3,290,578.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction dated 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 $3,290,578.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Colleen F. Reitan sold 46,012 shares of Myriad Genetics stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares in the company, valued at approximately $1,188,797.35. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new position in shares of Myriad Genetics during the 2nd quarter valued at $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Myriad Genetics during the second quarter valued at about $82,000. Sanctuary Advisors LLC bought a new position in Myriad Genetics during the second quarter worth about $537,000. Maven Securities LTD purchased a new position in shares of Myriad Genetics in the second quarter worth about $1,223,000. Finally, Point72 Asset Management L.P. raised its position in shares of Myriad Genetics by 7.9% in the second quarter. Point72 Asset Management L.P. now owns 839,456 shares of the company’s stock valued at $20,533,000 after purchasing an additional 61,260 shares during the period. 99.02% of the stock is owned by institutional investors.

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.