Cowen Lowers Myriad Genetics (NASDAQ:MYGN) to Market Perform

Cowen downgraded shares of Myriad Genetics (NASDAQ:MYGN) from an outperform rating to a market perform rating in a research report released on Tuesday morning, Benzinga reports. Cowen currently has $26.64 price target on the stock.

A number of other research firms have also recently issued reports on MYGN. Barclays set a $18.00 price objective on Summit Materials and gave the company a hold rating in a research report on Friday, June 14th. Needham & Company LLC reaffirmed a strong-buy rating and issued a $32.00 price objective on shares of Myriad Genetics in a research report on Tuesday, May 14th. They noted that the move was a valuation call. BidaskClub cut Extraction Oil & Gas from a hold rating to a sell rating in a research report on Saturday, May 4th. ValuEngine cut Valero Energy from a hold rating to a sell rating in a research report on Wednesday, May 8th. Finally, Zacks Investment Research cut First Merchants from a hold rating to a sell rating in a research report on Monday, July 1st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Myriad Genetics has an average rating of Hold and an average target price of $37.74.

MYGN opened at $25.18 on Tuesday. Myriad Genetics has a 12-month low of $22.07 and a 12-month high of $50.44. The firm has a market capitalization of $1.95 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 1.40 and a beta of 0.82. The company has a 50 day simple moving average of $25.14. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.86 and a current ratio of 3.15.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.04). Myriad Genetics had a net margin of 2.62% and a return on equity of 9.82%. The business had revenue of $216.60 million during the quarter, compared to analyst estimates of $217.76 million. During the same period in the previous year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, analysts forecast that Myriad Genetics will post 1.44 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System lifted its holdings in Myriad Genetics by 8.0% during the 4th quarter. California State Teachers Retirement System now owns 109,819 shares of the company’s stock worth $3,192,000 after purchasing an additional 8,114 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Myriad Genetics by 8.3% during the 4th quarter. Bank of New York Mellon Corp now owns 985,904 shares of the company’s stock worth $28,660,000 after purchasing an additional 75,872 shares during the last quarter. Pinnacle Associates Ltd. lifted its holdings in Myriad Genetics by 1.5% during the 1st quarter. Pinnacle Associates Ltd. now owns 479,837 shares of the company’s stock worth $15,931,000 after purchasing an additional 7,200 shares during the last quarter. Vanguard Group Inc lifted its holdings in Myriad Genetics by 4.4% during the 3rd quarter. Vanguard Group Inc now owns 8,656,933 shares of the company’s stock worth $398,219,000 after purchasing an additional 365,697 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in Myriad Genetics by 6.4% during the 4th quarter. BlackRock Inc. now owns 12,202,442 shares of the company’s stock worth $354,727,000 after purchasing an additional 735,832 shares during the last quarter. 99.22% 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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Analyst Recommendations for Myriad Genetics (NASDAQ:MYGN)

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