Myriad Genetics (NASDAQ:MYGN) Raised to “Buy” at StockNews.com

Myriad Genetics (NASDAQ:MYGN) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

MYGN has been the subject of several other reports. JPMorgan Chase & Co. lifted their price objective on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Wells Fargo & Company began coverage on Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price objective for the company. Piper Sandler decreased their price target on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday. TD Cowen lifted their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Scotiabank lifted their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $28.36.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $15.78 on Tuesday. The stock has a market cap of $1.44 billion, a P/E ratio of -12.14 and a beta of 1.93. The stock has a 50 day simple moving average of $23.90 and a 200 day simple moving average of $24.69. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 1-year low of $15.72 and a 1-year high of $29.30.

Insiders Place Their Bets

In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,012 shares of company stock valued at $1,900,485. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors have recently modified their holdings of MYGN. Loomis Sayles & Co. L P grew its holdings in shares of Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after acquiring an additional 1,326,497 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Myriad Genetics by 47.8% in the third quarter. Fisher Asset Management LLC now owns 602,842 shares of the company’s stock valued at $16,512,000 after purchasing an additional 195,094 shares during the last quarter. Simplify Asset Management Inc. purchased a new position in Myriad Genetics in the third quarter valued at approximately $4,756,000. Earnest Partners LLC lifted its stake in Myriad Genetics by 3.5% in the second quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock valued at $99,602,000 after purchasing an additional 138,960 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Myriad Genetics by 5.4% in the second quarter. Sei Investments Co. now owns 2,417,192 shares of the company’s stock valued at $59,125,000 after purchasing an additional 124,007 shares during the last quarter. 99.02% of the stock is owned by institutional investors.

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.