Myriad Genetics (MYGN) Stock Price Up 7.2%

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price rose 7.2% on Tuesday . The company traded as high as $45.50 and last traded at $45.47. Approximately 624,194 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 734,611 shares. The stock had previously closed at $42.42.

MYGN has been the topic of a number of analyst reports. Barclays lifted their price target on Myriad Genetics from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 22nd. Piper Jaffray Companies raised Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $53.00 in a research note on Wednesday, October 10th. Zacks Investment Research cut Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Monday. BidaskClub raised Myriad Genetics from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 29th. Finally, Bank of America raised their price objective on Myriad Genetics from $20.00 to $31.00 and gave the stock an “underperform” rating in a research report on Monday, July 16th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $40.60.

The stock has a market capitalization of $3.28 billion, a P/E ratio of 37.89, a PEG ratio of 2.61 and a beta of 0.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.19 and a quick ratio of 2.86.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, August 21st. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.05. Myriad Genetics had a return on equity of 9.78% and a net margin of 17.69%. The firm had revenue of $200.90 million during the quarter, compared to analyst estimates of $195.93 million. During the same period last year, the company posted $0.30 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Myriad Genetics, Inc. will post 1.41 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MYGN. BlackRock Inc. boosted its position in Myriad Genetics by 6.7% during the 2nd quarter. BlackRock Inc. now owns 11,083,521 shares of the company’s stock worth $414,192,000 after acquiring an additional 691,243 shares during the period. Mesirow Financial Investment Management Equity Management acquired a new stake in Myriad Genetics during the 2nd quarter worth about $14,926,000. Frontier Capital Management Co. LLC lifted its holdings in shares of Myriad Genetics by 18.0% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,376,935 shares of the company’s stock valued at $88,826,000 after buying an additional 362,821 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Myriad Genetics by 771.2% during the 2nd quarter. Millennium Management LLC now owns 329,754 shares of the company’s stock valued at $12,323,000 after buying an additional 291,902 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Myriad Genetics by 100.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 456,440 shares of the company’s stock valued at $19,029,000 after buying an additional 228,220 shares during the last quarter. Hedge funds and other institutional investors own 96.32% of the company’s stock.

About Myriad Genetics (NASDAQ:MYGN)

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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