Wells Fargo & Company Begins Coverage on Myriad Genetics (NASDAQ:MYGN)

Wells Fargo & Company started coverage on shares of Myriad Genetics (NASDAQ:MYGN) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $35.00 price objective on the stock.

Several other brokerages have also recently issued reports on MYGN. Scotiabank lifted their price objective on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a sector outperform rating in a research note on Tuesday, August 13th. Leerink Partners raised shares of Myriad Genetics from a market perform rating to an outperform rating and lifted their target price for the stock from $25.00 to $35.00 in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Wednesday, August 7th. TD Cowen lifted their target price on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group reissued an underperform rating and issued a $20.00 target price (down from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $28.60.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $28.33 on Tuesday. The company’s fifty day simple moving average is $26.75 and its 200-day simple moving average is $23.62. The company has a market cap of $2.56 billion, a PE ratio of -10.05 and a beta of 1.95. Myriad Genetics has a 52 week low of $13.82 and a 52 week high of $29.08. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data 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. Myriad Genetics had a negative net margin of 30.30% and a negative return on equity of 6.77%. The company had revenue of $211.50 million during the quarter, compared to analyst estimates of $206.44 million. During the same period last year, the business earned ($0.21) EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Myriad Genetics will post -0.36 EPS for the current year.

Insider Buying and Selling at Myriad Genetics

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.04, for a total value of $83,487.52. Following the sale, the director now owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 shares of Myriad Genetics by 39.6% in the 4th quarter. Glenview Capital Management LLC now owns 5,283,982 shares of the company’s stock worth $101,135,000 after purchasing an additional 1,500,000 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Myriad Genetics by 20.4% in the 4th quarter. Wellington Management Group LLP now owns 7,219,706 shares of the company’s stock worth $138,185,000 after purchasing an additional 1,223,446 shares during the last quarter. Vanguard Group Inc. lifted its position in Myriad Genetics by 8.6% during the 4th quarter. Vanguard Group Inc. now owns 9,954,233 shares of the company’s stock worth $190,524,000 after buying an additional 789,496 shares in the last quarter. Sei Investments Co. lifted its position in Myriad Genetics by 41.9% during the 4th quarter. Sei Investments Co. now owns 2,161,434 shares of the company’s stock worth $41,370,000 after buying an additional 638,147 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Myriad Genetics by 80.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 334,717 shares of the company’s stock worth $7,620,000 after buying an additional 149,234 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.

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.