Morgan Stanley Initiates Coverage on Myriad Genetics (NASDAQ:MYGN)

Equities researchers at Morgan Stanley started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research note issued on Thursday, Marketbeat reports. The brokerage set an “equal weight” rating and a $32.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 15.77% from the company’s previous close.

A number of other equities research analysts have also weighed in on MYGN. Piper Sandler upped their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday, August 13th. Wells Fargo & Company initiated coverage on Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 target price on the stock. TD Cowen upped their price target on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Finally, Scotiabank lifted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Myriad Genetics currently has an average rating of “Hold” and an average price target of $28.91.

Myriad Genetics Stock Performance

MYGN stock opened at $27.64 on Thursday. The firm has a market cap of $2.50 billion, a PE ratio of -9.89 and a beta of 1.92. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average price of $27.47 and a 200-day moving average price of $24.07. Myriad Genetics has a 1-year low of $13.82 and a 1-year high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last issued 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. The firm had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. Myriad Genetics had a negative return on equity of 5.64% and a negative net margin of 19.35%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.21) earnings per share. As a group, equities research analysts expect that Myriad Genetics will post -0.34 earnings per share for the current year.

Insider Activity

In other Myriad Genetics news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total transaction 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 $1,188,797.35. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Colleen F. Reitan sold 46,012 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was 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 $1,188,797.35. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of large investors have recently modified their holdings of the company. Hexagon Capital Partners LLC increased its stake in Myriad Genetics by 75.3% in 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 last quarter. Innealta Capital LLC purchased a new stake in Myriad Genetics in the second quarter valued at approximately $36,000. Point72 DIFC Ltd purchased a new stake in Myriad Genetics in the second quarter valued at approximately $60,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Myriad Genetics during the second quarter valued at approximately $82,000. Finally, Neo Ivy Capital Management purchased a new position in Myriad Genetics in the 2nd quarter worth approximately $85,000. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Company Profile

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.