Myriad Genetics, Inc. (NASDAQ:MYGN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Myriad Genetics, Inc. (NASDAQ:MYGN) from a hold rating to a buy rating in a research report released on Monday. They currently have $28.00 price target on the stock.
According to Zacks, “Over the last three months, Myriad Genetics has been trading above the broader Medical – Biomedical and Genetics industry. The company saw strong growth in EndoPredict test revenues and sequential growth in hereditary cancer volumes in the last reported quarter. Recently, Myriad’s companion diagnostic program received a major boost in a new cancer indication, in collaboration with AstraZeneca. We are also optimistic in regard to Myriad’s collaboration with BeiGene for development of companion diagnostics. On the flip side, gross margin scenario is disappointing. Also the company’s narrowing bottom line guidance for fiscal 2017 is discouraging, indicating a looming concern ahead. Currency fluctuations and stiff competition are other major headwinds for the company.”
MYGN has been the subject of several other reports. Jefferies Group LLC restated a hold rating and issued a $18.00 target price on shares of Myriad Genetics in a report on Friday, March 24th. Deutsche Bank AG upped their target price on Myriad Genetics from $15.00 to $20.00 and gave the company a sell rating in a report on Monday, May 8th. Cowen and Company restated a market perform rating and issued a $19.00 target price on shares of Myriad Genetics in a report on Tuesday, March 28th. J P Morgan Chase & Co restated an underweight rating and issued a $16.00 target price on shares of Myriad Genetics in a report on Friday, June 30th. Finally, BidaskClub upgraded Myriad Genetics from a sell rating to a hold rating in a report on Friday, June 9th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $22.00.
Myriad Genetics (NASDAQ:MYGN) opened at 24.75 on Monday. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 52.88 and a beta of 0.32. Myriad Genetics has a 1-year low of $15.15 and a 1-year high of $32.54. The firm’s 50-day moving average is $24.16 and its 200 day moving average is $19.99.
Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, May 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.03. The company had revenue of $196.90 million during the quarter, compared to analysts’ expectations of $188.89 million. Myriad Genetics had a return on equity of 10.53% and a net margin of 4.26%. Equities analysts anticipate that Myriad Genetics will post $1.01 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. bought a new stake in Myriad Genetics during the first quarter worth about $112,000. Creative Planning raised its stake in Myriad Genetics by 11.8% in the first quarter. Creative Planning now owns 6,371 shares of the company’s stock worth $122,000 after buying an additional 671 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in Myriad Genetics during the first quarter worth about $144,000. Karp Capital Management Corp bought a new stake in Myriad Genetics during the first quarter worth about $223,000. Finally, Opus Point Partners Management LLC bought a new stake in Myriad Genetics during the fourth quarter worth about $232,000.
About Myriad Genetics
Myriad Genetics, Inc is a molecular diagnostic company. The Company is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. The Company operates through two segments: diagnostics and other. The diagnostics segment 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 to enable optimal treatment, or assess a patient’s risk of disease progression and disease recurrence.
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