Myriad Genetics (MYGN) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Myriad Genetics (NASDAQ:MYGN) from a hold rating to a buy rating in a research report sent to investors on Friday morning. They currently have $34.00 target price on the stock.

According to Zacks, “Over the past year, Myriad Genetics has outperformed its industry. The company observed strong growth in GeneSight, EndoPredict and Prolaris testing revenues. Further, management believes that Hereditary cancer pricing has remained stable on a sequential basis for four consecutive quarters. We are upbeat about Myriad Genetics’ expectation to witness a stable pricing trend in the same to continue throughout fiscal 2019. Moreover, on solid performance by new products, Counsyl buyout synergy, success of the Elevate 2020 program along with augmenting reimbursements for the tests, the company seems to be well-positioned to deliver strong financial results in fiscal 2019.  However, the decline in Hereditary cancer testing revenues raises concern. Currency fluctuations and stiff competition are other concerning factors.”

Other analysts also recently issued research reports about the company. BidaskClub downgraded Myriad Genetics from a strong-buy rating to a buy rating in a research note on Tuesday, October 9th. Barclays decreased their price target on Myriad Genetics from $23.00 to $21.00 and set an underweight rating for the company in a research note on Thursday, January 3rd. ValuEngine downgraded Myriad Genetics from a buy rating to a hold rating in a research note on Thursday, November 8th. Needham & Company LLC assumed coverage on Myriad Genetics in a research note on Wednesday, January 2nd. They set a strong-buy rating and a $36.00 price target for the company. Finally, Morgan Stanley upped their price target on Myriad Genetics from $51.00 to $54.00 and gave the stock an overweight rating in a research note on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $39.70.

MYGN opened at $30.26 on Friday. The stock has a market cap of $2.28 billion, a PE ratio of 25.22, a P/E/G ratio of 1.97 and a beta of 0.58. Myriad Genetics has a 52-week low of $26.80 and a 52-week high of $50.44. The company has a quick ratio of 2.83, a current ratio of 3.17 and a debt-to-equity ratio of 0.23.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.13. The company had revenue of $202.30 million during the quarter, compared to the consensus estimate of $203.20 million. Myriad Genetics had a return on equity of 10.07% and a net margin of 7.07%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.26 EPS. On average, equities research analysts forecast that Myriad Genetics will post 1.5 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of MYGN. Quantbot Technologies LP acquired a new position in shares of Myriad Genetics during the 3rd quarter worth about $130,000. First Quadrant L P CA acquired a new position in shares of Myriad Genetics during the 3rd quarter worth about $201,000. Ibex Investors LLC acquired a new position in shares of Myriad Genetics during the 3rd quarter worth about $202,000. Parametrica Management Ltd acquired a new position in shares of Myriad Genetics during the 3rd quarter worth about $204,000. Finally, CHICAGO TRUST Co NA lifted its position in shares of Myriad Genetics by 50.0% during the 4th quarter. CHICAGO TRUST Co NA now owns 7,500 shares of the company’s stock worth $218,000 after purchasing an additional 2,500 shares during the last quarter. 99.06% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a molecular diagnostic company, focuses on developing and marketing novel predictive medicine, personalized medicine, and prognostic medicine tests worldwide. The company offers molecular diagnostic tests, including myRisk Hereditary Cancer, a DNA sequencing test for hereditary cancers; BRACAnalysis, a DNA sequencing test to assess the risk of developing breast and ovarian cancer; BRACAnalysis CDx, a DNA sequencing test for use as a companion diagnostic with the platinum based chemotherapy agents and poly ADP ribose inhibitor Lynparza; riskScore, a clinically validated personalized medicine tool; GeneSight, a DNA genotyping test to optimize psychotropic drug selection for neuroscience patients; and Tumor BRACAnalysis CDx, a DNA sequencing test that is designed to be utilized to predict response to DNA damaging agents.

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