Myriad Genetics, Inc. (NASDAQ:MYGN) Cut to “Hold” at Zacks Investment Research
Myriad Genetics, Inc. (NASDAQ:MYGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Myriad Genetics ended fiscal 2017 on a solid note, with its fourth-quarter numbers exceeding the Zacks Consensus Estimate. The company particularly observed strong growth in EndoPredict and GeneSight testing revenues. Also, the company witnessed a third consecutive quarter of rise in hereditary cancer volumes. We are also upbeat about the receipt of positive final Local Coverage Determination to expand Medicare coverage of the Prolaris test. Also, it received provincial reimbursement in Quebec for EndoPredict. Recently, the company presented positive data for its BRACAnalysis CDx test. Over the last three months, the company has been trading above the broader industry. On the flip side, a dull operating margin scenario owing to a rise in operating expenses is disappointing. Currency fluctuations and stiff competition are other major headwinds for the company.”
Several other research firms have also recently issued reports on MYGN. Jefferies Group LLC reissued a “hold” rating and issued a $23.00 price objective (up from $21.00) on shares of Myriad Genetics in a research report on Thursday. J P Morgan Chase & Co reissued an “underweight” rating and issued a $16.00 price objective on shares of Myriad Genetics in a research report on Friday, June 30th. Barclays PLC lowered their price objective on shares of Myriad Genetics from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Wednesday. Cowen and Company reissued a “hold” rating and issued a $25.00 price objective on shares of Myriad Genetics in a research report on Friday, July 14th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $22.00 price objective on shares of Myriad Genetics in a research report on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $21.78.
Myriad Genetics (NASDAQ MYGN) traded up 2.21% during mid-day trading on Friday, hitting $27.80. 505,231 shares of the stock were exchanged. Myriad Genetics has a 52 week low of $15.15 and a 52 week high of $28.39. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 59.40 and a beta of 0.31. The company’s 50-day moving average price is $25.14 and its 200 day moving average price is $20.84.
Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.04. The company had revenue of $200.50 million during the quarter, compared to analysts’ expectations of $193.71 million. Myriad Genetics had a net margin of 2.83% and a return on equity of 9.67%. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 EPS. Equities research analysts expect that Myriad Genetics will post $1.05 EPS for the current year.
Several large investors have recently made changes to their positions in MYGN. Norges Bank acquired a new stake in shares of Myriad Genetics during the fourth quarter valued at $14,319,000. Teachers Advisors LLC boosted its stake in shares of Myriad Genetics by 4.6% in the fourth quarter. Teachers Advisors LLC now owns 115,637 shares of the company’s stock valued at $1,928,000 after buying an additional 5,051 shares during the last quarter. Highbridge Capital Management LLC boosted its stake in shares of Myriad Genetics by 6.4% in the fourth quarter. Highbridge Capital Management LLC now owns 28,196 shares of the company’s stock valued at $470,000 after buying an additional 1,704 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of Myriad Genetics by 107.7% in the fourth quarter. Macquarie Group Ltd. now owns 135,000 shares of the company’s stock valued at $2,250,000 after buying an additional 70,000 shares during the last quarter. Finally, Foundry Partners LLC boosted its stake in shares of Myriad Genetics by 3.6% in the first quarter. Foundry Partners LLC now owns 22,500 shares of the company’s stock valued at $432,000 after buying an additional 775 shares during the last quarter.
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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