Myriad Genetics (NASDAQ:MYGN) Reaches New 1-Year High at $24.92

Myriad Genetics, Inc. (NASDAQ:MYGN) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.92 and last traded at $24.45, with a volume of 103568 shares trading hands. The stock had previously closed at $23.95.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on MYGN shares. Leerink Partnrs raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating in a research note on Wednesday. SVB Leerink raised shares of Myriad Genetics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $25.00 to $35.00 in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of Myriad Genetics from $28.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and an average target price of $24.86.

Myriad Genetics Stock Up 3.7 %

The company has a quick ratio of 1.87, a current ratio of 2.01 and a debt-to-equity ratio of 0.05. The stock has a 50-day simple moving average of $20.64 and a 200-day simple moving average of $19.91. The firm has a market capitalization of $2.25 billion, a PE ratio of -7.48 and a beta of 1.96.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.09. The company had revenue of $202.20 million for the quarter, compared to analysts’ expectations of $193.51 million. Myriad Genetics had a negative return on equity of 8.03% and a negative net margin of 34.96%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.28) earnings per share. Analysts forecast that Myriad Genetics, Inc. will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in Myriad Genetics by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 5,996,260 shares of the company’s stock valued at $96,180,000 after buying an additional 251,426 shares in the last quarter. Qube Research & Technologies Ltd grew its position in Myriad Genetics by 609.1% in the third quarter. Qube Research & Technologies Ltd now owns 131,553 shares of the company’s stock worth $2,110,000 after acquiring an additional 113,000 shares in the last quarter. Deutsche Bank AG increased its stake in Myriad Genetics by 6.8% during the third quarter. Deutsche Bank AG now owns 41,428 shares of the company’s stock worth $665,000 after acquiring an additional 2,622 shares during the last quarter. Jump Financial LLC raised its position in Myriad Genetics by 16.0% during the third quarter. Jump Financial LLC now owns 84,924 shares of the company’s stock valued at $1,362,000 after purchasing an additional 11,706 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Myriad Genetics by 6.7% in the 3rd quarter. Invesco Ltd. now owns 757,576 shares of the company’s stock valued at $12,152,000 after purchasing an additional 47,620 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other 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.