Myriad Genetics (NASDAQ:MYGN) Reaches New 1-Year High at $29.08

Myriad Genetics, Inc. (NASDAQ:MYGN) shares reached a new 52-week high on Thursday . The stock traded as high as $29.08 and last traded at $28.72, with a volume of 622709 shares trading hands. The stock had previously closed at $27.94.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MYGN shares. Wells Fargo & Company began coverage on shares of Myriad Genetics in a research note on Tuesday. They issued an “overweight” rating and a $35.00 target price for the company. Jefferies Financial Group reaffirmed an “underperform” rating and set a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a report on Monday, June 3rd. Piper Sandler lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. upped their price target on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Finally, Scotiabank boosted 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. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $28.60.

Myriad Genetics Stock Performance

The stock has a market cap of $2.56 billion, a P/E ratio of -10.05 and a beta of 1.95. The stock has a fifty day simple moving average of $26.75 and a 200-day simple moving average of $23.62. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05.

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

Insider Activity

In related news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the transaction, the director now directly 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 available through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in the stock. Maven Securities LTD acquired a new position in Myriad Genetics in the second quarter valued at about $1,223,000. Point72 Asset Management L.P. increased its holdings in Myriad Genetics by 7.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 839,456 shares of the company’s stock valued at $20,533,000 after buying an additional 61,260 shares during the period. Disciplined Growth Investors Inc. MN raised its position in shares of Myriad Genetics by 0.5% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,087,328 shares of the company’s stock valued at $51,056,000 after buying an additional 10,035 shares in the last quarter. Algert Global LLC bought a new stake in shares of Myriad Genetics during the 2nd quarter worth approximately $221,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Myriad Genetics during the 2nd quarter worth approximately $2,315,000. 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.