Scotiabank Initiates Coverage on Myriad Genetics (NASDAQ:MYGN)

Scotiabank began coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage set a “sector outperform” rating and a $29.00 price target on the stock. Scotiabank’s target price would suggest a potential upside of 18.56% from the stock’s previous close.

Several other brokerages have also recently issued reports on MYGN. Piper Sandler raised their target price on Myriad Genetics from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 13th. Jefferies Financial Group restated an “underperform” rating and set a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Leerink Partnrs upgraded shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Finally, SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $25.00 to $35.00 in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $25.33.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $24.46 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average price of $22.64 and a 200-day moving average price of $21.59. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $25.95. The firm has a market capitalization of $2.21 billion, a PE ratio of -8.67 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, May 7th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $202.20 million during the quarter, compared to the consensus estimate of $193.51 million. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.28) EPS. As a group, equities research analysts expect that Myriad Genetics will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other Myriad Genetics news, Director Daniel K. Spiegelman sold 3,788 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the sale, 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. In other news, Director Daniel K. Spiegelman sold 3,788 shares of Myriad Genetics stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.04, for a total transaction of $83,487.52. Following the sale, the director now owns 36,705 shares in the company, valued at $808,978.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Paul J. Diaz sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $25.07, for a total transaction of $1,880,250.00. Following the completion of the transaction, the chief executive officer now directly owns 1,066,166 shares in the company, valued at approximately $26,728,781.62. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,832 shares of company stock valued at $3,574,217. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several large investors have recently made changes to their positions in MYGN. Glenview Capital Management LLC grew its holdings in Myriad Genetics by 39.6% during the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock valued at $101,135,000 after buying an additional 1,500,000 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Myriad Genetics by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock valued at $138,185,000 after purchasing an additional 1,223,446 shares in the last quarter. Vanguard Group Inc. increased its position in Myriad Genetics by 8.6% in the fourth quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock worth $190,524,000 after purchasing an additional 789,496 shares during the last quarter. Sei Investments Co. raised its stake in Myriad Genetics by 41.9% during the fourth quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock valued at $41,370,000 after purchasing an additional 638,147 shares in the last quarter. Finally, Earnest Partners LLC lifted its position in Myriad Genetics by 6.7% during the third quarter. Earnest Partners LLC now owns 3,473,281 shares of the company’s stock valued at $55,711,000 after purchasing an additional 219,503 shares during the last quarter. 99.02% of the stock is owned by institutional investors.

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.