Myriad Genetics (NASDAQ:MYGN) Downgraded by Piper Jaffray Companies to “Neutral”

Piper Jaffray Companies lowered shares of Myriad Genetics (NASDAQ:MYGN) from an overweight rating to a neutral rating in a research report report published on Wednesday, BenzingaRatingsTable reports. The firm currently has $40.00 price target on the stock, down from their previous price target of $45.00.

MYGN has been the subject of several other research reports. ValuEngine upgraded shares of Myriad Genetics from a sell rating to a hold rating in a research report on Thursday, August 1st. Cowen lowered shares of Myriad Genetics from an outperform rating to a market perform rating and set a $26.64 price target for the company. in a research report on Tuesday, July 9th. Bank of America upgraded shares of Myriad Genetics from an underperform rating to a neutral rating in a research report on Friday, August 2nd. BidaskClub upgraded shares of Myriad Genetics from a hold rating to a buy rating in a research report on Tuesday, August 6th. Finally, Barclays upgraded shares of Myriad Genetics from an underweight rating to an equal weight rating and increased their price target for the company from $18.00 to $40.00 in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Myriad Genetics currently has an average rating of Hold and an average target price of $37.64.

Shares of MYGN stock traded down $2.10 on Wednesday, hitting $23.40. The stock had a trading volume of 58,279 shares, compared to its average volume of 1,536,945. The company’s 50 day moving average is $32.08. The company has a market cap of $3.32 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 2.14 and a beta of 0.81. 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 has a 12-month low of $22.07 and a 12-month high of $50.44.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $215.40 million during the quarter, compared to analyst estimates of $221.64 million. Myriad Genetics had a net margin of 2.62% and a return on equity of 9.82%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. As a group, equities analysts forecast that Myriad Genetics will post 1.67 earnings per share for the current year.

In other Myriad Genetics news, VP Gary A. King sold 60,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $43.49, for a total transaction of $2,609,400.00. Following the completion of the transaction, the vice president now owns 164,871 shares in the company, valued at $7,170,239.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bernard Tobin sold 11,712 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $40.00, for a total transaction of $468,480.00. Following the transaction, the insider now owns 146,040 shares of the company’s stock, valued at approximately $5,841,600. The disclosure for this sale can be found here. Insiders have sold 96,712 shares of company stock valued at $4,115,380 in the last quarter. Company insiders own 5.80% of the company’s stock.

Large investors have recently modified their holdings of the business. Pearl River Capital LLC boosted its position in shares of Myriad Genetics by 154.9% in the first quarter. Pearl River Capital LLC now owns 882 shares of the company’s stock valued at $30,000 after acquiring an additional 536 shares during the period. Investors Research Corp bought a new position in shares of Myriad Genetics in the first quarter valued at approximately $46,000. Financial Gravity Wealth Inc. bought a new position in shares of Myriad Genetics in the first quarter valued at approximately $56,000. NumerixS Investment Technologies Inc bought a new position in shares of Myriad Genetics in the second quarter valued at approximately $64,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Myriad Genetics by 625.0% in the first quarter. Nisa Investment Advisors LLC now owns 2,320 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 99.22% of the company’s stock.

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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