Myriad Genetics (MYGN) Shares Gap Down to $32.82

Myriad Genetics, Inc. (NASDAQ:MYGN) shares gapped down before the market opened on Thursday . The stock had previously closed at $30.31, but opened at $32.82. Myriad Genetics shares last traded at $32.23, with a volume of 626110 shares changing hands.

MYGN has been the topic of several recent research reports. Morgan Stanley raised shares of Myriad Genetics from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $55.00 in a research report on Wednesday, July 11th. Bank of America boosted their price target on shares of Myriad Genetics from $20.00 to $31.00 and gave the company an “underperform” rating in a research report on Monday, July 16th. ValuEngine raised shares of Myriad Genetics from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 24th. BidaskClub cut shares of Myriad Genetics from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 21st. Finally, Piper Jaffray Companies boosted their price target on shares of Myriad Genetics to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 22nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $41.90.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.86 and a current ratio of 3.19. The stock has a market cap of $2.74 billion, a P/E ratio of 25.97, a PEG ratio of 2.26 and a beta of 0.51.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, November 6th. The company reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.13. Myriad Genetics had a net margin of 7.07% and a return on equity of 10.49%. The company had revenue of $202.30 million for the quarter, compared to analysts’ expectations of $203.20 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Myriad Genetics’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, research analysts predict that Myriad Genetics, Inc. will post 1.41 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its stake in Myriad Genetics by 2.6% during the third quarter. Acadian Asset Management LLC now owns 2,387,166 shares of the company’s stock worth $109,812,000 after purchasing an additional 59,446 shares during the period. GHP Investment Advisors Inc. increased its stake in Myriad Genetics by 4.5% during the second quarter. GHP Investment Advisors Inc. now owns 53,290 shares of the company’s stock worth $1,991,000 after purchasing an additional 2,305 shares during the period. United Services Automobile Association increased its stake in Myriad Genetics by 206.8% during the second quarter. United Services Automobile Association now owns 104,981 shares of the company’s stock worth $1,916,000 after purchasing an additional 70,766 shares during the period. Swiss National Bank increased its stake in Myriad Genetics by 2.6% during the second quarter. Swiss National Bank now owns 121,600 shares of the company’s stock worth $4,544,000 after purchasing an additional 3,100 shares during the period. Finally, State of Wisconsin Investment Board increased its stake in Myriad Genetics by 4.7% during the second quarter. State of Wisconsin Investment Board now owns 66,800 shares of the company’s stock worth $2,496,000 after purchasing an additional 3,000 shares during the period. 96.75% of the stock is currently owned by institutional investors.

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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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