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

Myriad Genetics (NASDAQ:MYGN) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

MYGN has been the subject of several other research reports. Wells Fargo & Company assumed coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target for the company. Piper Sandler cut their price objective on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a report on Monday. TD Cowen lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley initiated coverage on Myriad Genetics in a research note on Thursday, September 19th. They set an “equal weight” rating and a $32.00 target price on the stock. Finally, Scotiabank boosted their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.36.

Myriad Genetics Trading Down 6.6 %

NASDAQ MYGN traded down $1.14 during trading hours on Tuesday, reaching $16.17. The company’s stock had a trading volume of 1,104,232 shares, compared to its average volume of 733,353. The firm has a fifty day simple moving average of $24.32 and a 200-day simple moving average of $24.77. The stock has a market cap of $1.47 billion, a P/E ratio of -12.44 and a beta of 1.93. Myriad Genetics has a 52 week low of $16.10 and a 52 week high of $29.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.96 and a quick ratio of 1.78.

Insider Activity

In other news, Director Heinrich Dreismann sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the transaction, the director now owns 121,648 shares of the company’s stock, valued at approximately $3,290,578.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction dated 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 transaction, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,012 shares of company stock valued at $1,900,485 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Myriad Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hexagon Capital Partners LLC lifted its position in Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after buying an additional 491 shares in the last quarter. Innealta Capital LLC purchased a new stake in Myriad Genetics in the second quarter valued at $36,000. GAMMA Investing LLC raised its position in Myriad Genetics by 34.1% in the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after purchasing an additional 412 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Myriad Genetics in the second quarter valued at $60,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Myriad Genetics in the second quarter valued at $82,000. 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.