Myriad Genetics (NASDAQ:MYGN) Stock Lifted to Hold by Zacks Research

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

Other research analysts have also issued research reports about the stock. UBS Group started coverage on shares of Myriad Genetics in a research report on Wednesday, September 9th. They set 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 report on Monday, August 3rd. Stephens reduced their target price on shares of 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. TD Cowen lifted their price objective on Myriad Genetics from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Tuesday. Finally, Craig Hallum increased their price target on Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, October 2nd. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $4.02.

Myriad Genetics Stock Down 8.5%

NASDAQ:MYGN traded down $0.37 during trading hours on Thursday, hitting $3.98. 1,425,471 shares of the stock traded hands, compared to its average volume of 1,842,950. The firm has a 50 day moving average price of $3.66 and a 200 day moving average price of $4.36. The company has a current ratio of 2.21, a quick ratio of 1.98 and a debt-to-equity ratio of 0.40. Myriad Genetics has a fifty-two week low of $2.74 and a fifty-two week high of $8.50. The firm has a market cap of $380.69 million, a price-to-earnings ratio of -3.34 and a beta of 1.64.

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 analysts’ consensus estimates of ($0.06) by ($0.19). The company had revenue of $190.70 million during the quarter, compared to analysts’ expectations of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. Myriad Genetics’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. Equities research analysts anticipate that Myriad Genetics will post -0.99 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Myriad Genetics in the second quarter valued at approximately $62,184,000. Bank of New York Mellon Corp acquired a new position in Myriad Genetics during the second quarter worth about $1,930,000. Orbimed Advisors LLC acquired a new position in Myriad Genetics during the 1st quarter worth approximately $562,500,000. Bank of America Corp DE bought a new position in shares of Myriad Genetics in the 2nd quarter valued at $5,150,000. Finally, Man Group plc bought a new position in Myriad Genetics in the second quarter valued at about $5,189,000. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.