TD Cowen Increases Myriad Genetics (NASDAQ:MYGN) Price Target to $30.00

Myriad Genetics (NASDAQ:MYGN) had its price target upped by stock analysts at TD Cowen from $28.00 to $30.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price objective points to a potential upside of 12.61% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Piper Sandler upped their target price on Myriad Genetics from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 13th. Jefferies Financial Group restated an “underperform” rating and issued a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a research note on Monday, June 3rd. JPMorgan Chase & Co. raised their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday. Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 8th. Finally, Scotiabank began coverage on shares of Myriad Genetics in a report on Thursday, June 27th. They set a “sector outperform” rating and a $29.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Myriad Genetics has an average rating of “Hold” and an average price target of $26.40.

Myriad Genetics Stock Up 2.6 %

NASDAQ:MYGN traded up $0.68 during trading hours on Wednesday, hitting $26.64. 1,400,233 shares of the company traded hands, compared to its average volume of 738,364. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The company has a market cap of $2.41 billion, a PE ratio of -9.45 and a beta of 1.95. The firm’s 50-day simple moving average is $25.01 and its 200-day simple moving average is $22.89. Myriad Genetics has a one year low of $13.82 and a one year high of $28.90.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, August 6th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The company had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. During the same quarter in the prior year, the company posted ($0.21) earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. Equities analysts predict that Myriad Genetics will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the sale, the director now owns 36,705 shares of the company’s stock, valued at $808,978.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Lee Nisley Newcomer sold 6,200 shares of the stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $25.30, for a total transaction of $156,860.00. Following the sale, the director now owns 66,650 shares of the company’s stock, valued at approximately $1,686,245. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel K. Spiegelman sold 3,788 shares of Myriad Genetics stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the transaction, the director now directly owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The disclosure for this sale can be found here. Insiders sold 142,832 shares of company stock worth $3,574,217 over the last quarter. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently modified their holdings of MYGN. Hexagon Capital Partners LLC increased its holdings in Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after acquiring an additional 491 shares during the period. Innealta Capital LLC bought a new position in Myriad Genetics in the 2nd quarter valued at $36,000. Neo Ivy Capital Management purchased a new position in shares of Myriad Genetics during the 2nd quarter valued at $85,000. Quest Partners LLC increased its holdings in shares of Myriad Genetics by 10,724.5% in the second quarter. Quest Partners LLC now owns 5,304 shares of the company’s stock worth $130,000 after purchasing an additional 5,255 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Myriad Genetics in the second quarter worth $162,000. 99.02% of the stock is currently 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.