Myriad Genetics (NASDAQ:MYGN) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a buy rating in a report published on Tuesday morning.

MYGN has been the subject of several other reports. Scotiabank lifted their price objective on Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. JPMorgan Chase & Co. boosted their price objective on shares of 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 shares of 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 boosted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler lowered their price target on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $28.36.

Myriad Genetics Stock Down 2.7 %

NASDAQ:MYGN opened at $15.25 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The firm has a market cap of $1.39 billion, a P/E ratio of -11.73 and a beta of 1.93. Myriad Genetics has a fifty-two week low of $15.18 and a fifty-two week high of $29.30. The firm has a 50-day simple moving average of $23.43 and a two-hundred day simple moving average of $24.60.

Insider Buying and Selling

In related news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction on Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. The trade was a 1.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $1,286,035.40. Following the completion of the sale, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The trade was a 51.96 % decrease in their position. 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. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Myriad Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYGN. Hexagon Capital Partners LLC boosted 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 purchasing an additional 491 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Myriad Genetics in the third quarter worth $32,000. Innealta Capital LLC purchased a new position in shares of Myriad Genetics in the second quarter worth $36,000. GAMMA Investing LLC boosted its position in shares of Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after acquiring an additional 412 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in Myriad Genetics during the second quarter valued at $60,000. Institutional investors own 99.02% of the company’s stock.

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.