Myriad Genetics Inc. (MYGN) Trading 4.2% Higher
Myriad Genetics Inc. (NASDAQ:MYGN) shares traded up 4.2% on Thursday . The company traded as high as $20.68 and last traded at $20.52, with a volume of 3,958,082 shares changing hands. The stock had previously closed at $19.70.
A number of research analysts recently weighed in on the company. Leerink Swann reissued a “market perform” rating and issued a $41.00 price objective (down from $44.00) on shares of Myriad Genetics in a research note on Wednesday, May 4th. Avondale Partners cut their price objective on Myriad Genetics from $50.00 to $47.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 4th. Wells Fargo & Co. downgraded Myriad Genetics from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Morgan Stanley cut their price objective on Myriad Genetics from $25.00 to $21.00 and set an “underweight” rating on the stock in a research note on Wednesday. Finally, Barclays PLC downgraded Myriad Genetics from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $50.00 to $24.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $32.21.
The company’s 50 day moving average is $30.25 and its 200 day moving average is $34.36. The company has a market cap of $1.49 billion and a price-to-earnings ratio of 12.60.
Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.38 by $0.02. The company earned $186.50 million during the quarter, compared to analysts’ expectations of $187.95 million. The business’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.41 earnings per share. On average, equities research analysts forecast that Myriad Genetics Inc. will post $1.22 earnings per share for the current year.
In related news, insider Alexander Ford sold 18,637 shares of the stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $30.87, for a total transaction of $575,324.19. Following the completion of the transaction, the insider now directly owns 40,122 shares of the company’s stock, valued at $1,238,566.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Other hedge funds have added to or reduced their stakes in the company. Bank of Montreal Can raised its stake in Myriad Genetics by 30.8% in the fourth quarter. Bank of Montreal Can now owns 75,758 shares of the company’s stock valued at $3,270,000 after buying an additional 17,841 shares in the last quarter. KBC Group NV raised its stake in Myriad Genetics by 27.3% in the fourth quarter. KBC Group NV now owns 86,312 shares of the company’s stock valued at $3,725,000 after buying an additional 18,524 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Myriad Genetics by 10.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,341,041 shares of the company’s stock valued at $57,881,000 after buying an additional 125,196 shares in the last quarter. Morgan Stanley raised its stake in Myriad Genetics by 363.0% in the fourth quarter. Morgan Stanley now owns 614,409 shares of the company’s stock valued at $26,517,000 after buying an additional 481,702 shares in the last quarter. Finally, RS Investment Management Co. LLC acquired a new stake in Myriad Genetics during the fourth quarter valued at about $86,273,000.
Myriad Genetics, Inc (Myriad) is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. Myriad operates through two segments: diagnostics, which provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life, identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing, or assess a patient’s risk of disease progression and disease recurrence, and other, which provides testing products and services to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients.
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