Myriad Genetics (NASDAQ:MYGN) Rating Increased to Outperform at Leerink Partnrs

Myriad Genetics (NASDAQ:MYGN) was upgraded by analysts at Leerink Partnrs from a “market perform” rating to an “outperform” rating in a report issued on Wednesday, Zacks.com reports.

Several other brokerages have also recently commented on MYGN. SVB Leerink upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $25.00 to $35.00 in a report on Wednesday. The Goldman Sachs Group raised their target price on shares of Myriad Genetics from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $24.86.

Myriad Genetics Stock Performance

Shares of MYGN opened at $25.25 on Wednesday. The firm’s 50 day moving average is $20.73 and its 200-day moving average is $19.94. The stock has a market capitalization of $2.28 billion, a P/E ratio of -7.89 and a beta of 1.96. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.01 and a quick ratio of 1.87. Myriad Genetics has a 12-month low of $13.82 and a 12-month high of $25.28.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $193.51 million. Myriad Genetics had a negative net margin of 34.96% and a negative return on equity of 8.03%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) EPS. Equities research analysts anticipate that Myriad Genetics will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Strs Ohio boosted its stake in Myriad Genetics by 26.3% during the 3rd quarter. Strs Ohio now owns 47,100 shares of the company’s stock valued at $755,000 after purchasing an additional 9,800 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Myriad Genetics by 8.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 413,771 shares of the company’s stock valued at $6,637,000 after acquiring an additional 32,823 shares during the period. Inspire Investing LLC grew its stake in shares of Myriad Genetics by 40.8% in the third quarter. Inspire Investing LLC now owns 19,002 shares of the company’s stock worth $305,000 after acquiring an additional 5,505 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in Myriad Genetics by 96.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,101 shares of the company’s stock worth $34,000 after acquiring an additional 1,032 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in Myriad Genetics by 4.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 23,170 shares of the company’s stock valued at $372,000 after purchasing an additional 1,047 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

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.