Myriad Genetics (NASDAQ:MYGN) Sets New 1-Year High at $29.30

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) reached a new 52-week high on Wednesday . The company traded as high as $29.30 and last traded at $28.55, with a volume of 172470 shares changing hands. The stock had previously closed at $28.60.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MYGN shares. JPMorgan Chase & Co. raised their price objective on shares of Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Jefferies Financial Group reissued an “underperform” rating and set a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. TD Cowen boosted their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Scotiabank raised their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 13th. Finally, Piper Sandler boosted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Myriad Genetics currently has an average rating of “Hold” and an average target price of $28.60.

Myriad Genetics Price Performance

The stock has a market capitalization of $2.57 billion, a PE ratio of -10.20 and a beta of 1.92. The firm’s 50 day simple moving average is $27.29 and its 200 day simple moving average is $23.96. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 19.35% and a negative return on equity of 5.64%. The business had revenue of $211.50 million during the quarter, compared to analyst estimates of $206.44 million. During the same period in the prior year, the business posted ($0.21) earnings per share. The company’s revenue was up 15.3% on a year-over-year basis. As a group, equities analysts forecast that Myriad Genetics, Inc. will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling at Myriad Genetics

In other 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 sale, the director now directly 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 accessible through the SEC website. In related news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total transaction of $1,286,035.40. Following the transaction, the director now owns 42,533 shares in the company, valued at $1,188,797.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction dated Monday, September 9th. The stock was 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 directly owns 121,648 shares of the company’s stock, valued at $3,290,578.40. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its position in shares of Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after purchasing an additional 491 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Myriad Genetics during the 2nd quarter valued at $36,000. Point72 DIFC Ltd purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth about $60,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Myriad Genetics in the 2nd quarter worth about $82,000. Finally, Neo Ivy Capital Management bought a new position in shares of Myriad Genetics in the 2nd quarter worth about $85,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.