Myriad Genetics (NASDAQ:MYGN) Shares Gap Up to $18.56

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $18.56, but opened at $19.52. Myriad Genetics shares last traded at $19.78, with a volume of 974 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MYGN. SVB Leerink dropped their price target on Myriad Genetics from $27.00 to $25.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 2nd. Stephens began coverage on Myriad Genetics in a research note on Wednesday, October 5th. They set an “equal weight” rating and a $22.00 price target on the stock. Raymond James raised Myriad Genetics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research note on Wednesday. Finally, StockNews.com initiated coverage on Myriad Genetics in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Myriad Genetics has an average rating of “Hold” and an average target price of $25.40.

Myriad Genetics Stock Down 0.7 %

The stock has a market capitalization of $1.58 billion, a PE ratio of -20.11 and a beta of 1.75. The firm has a 50 day moving average price of $18.03 and a 200 day moving average price of $20.44.

Myriad Genetics (NASDAQ:MYGN – Get Rating) last issued its quarterly earnings data on Tuesday, November 1st. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.12). The company had revenue of $156.40 million during the quarter, compared to analysts’ expectations of $172.12 million. Myriad Genetics had a negative return on equity of 4.86% and a negative net margin of 11.69%. On average, equities analysts forecast that Myriad Genetics, Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Richard Bryan Riggsbee sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $15.15, for a total value of $303,000.00. Following the completion of the transaction, the chief financial officer now directly owns 374,107 shares of the company’s stock, valued at $5,667,721.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in Myriad Genetics by 0.8% during the first quarter. BlackRock Inc. now owns 14,797,829 shares of the company’s stock valued at $372,906,000 after purchasing an additional 113,042 shares during the period. Vanguard Group Inc. grew its holdings in Myriad Genetics by 1.4% during the third quarter. Vanguard Group Inc. now owns 9,128,384 shares of the company’s stock valued at $174,170,000 after purchasing an additional 121,704 shares during the period. Wellington Management Group LLP grew its holdings in Myriad Genetics by 17.8% during the first quarter. Wellington Management Group LLP now owns 5,096,235 shares of the company’s stock valued at $128,425,000 after purchasing an additional 770,460 shares during the period. State Street Corp grew its holdings in Myriad Genetics by 14.5% during the second quarter. State Street Corp now owns 4,804,157 shares of the company’s stock valued at $87,292,000 after purchasing an additional 607,932 shares during the period. Finally, Bank of America Corp DE grew its holdings in Myriad Genetics by 10.8% during the first quarter. Bank of America Corp DE now owns 2,759,204 shares of the company’s stock valued at $69,531,000 after purchasing an additional 269,887 shares during the period. 99.08% of the stock is owned by institutional investors.

Myriad Genetics Company Profile

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Myriad Genetics, Inc, a genetic testing and precision medicine company, develops and commercializes genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and mental health applications. It 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, or 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.