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Stephens Launches Myriad Genetics Coverage (NASDAQ:MYGN)

Originally published on Best Stocks

Category: best stocks to buy now

The Fly reports that Stephens published a research note on Wednesday announcing that they had begun covering shares of Myriad Genetics (NASDAQ: MYGN). As part of the organization’s rating system, the company recommended purchasing the stock with an “equal weight.”

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Other equity analysts have also recently published reports on MYGN, and you can locate these reports on the websites of the respective equity analysts who authored them. The company changed its recommendation for Myriad Genetics from a “buy” rating to a “hold” rating in a research report published on Wednesday, July 13th, by StockNews.com. The report was about the company’s findings regarding the stock’s performance. The price objective for Myriad Genetics was increased from $26.00 to $30.00 in a research report that SVB Leerink published on Friday, August 5th. Another rating, “market perform,” was bestowed upon the shares of stock by the company. In a research note released on Tuesday, August 9th, Cowen increased their price objective on Myriad Genetics to $32.00. This was not the only change that they made. Three of the four financial analysts have recommended that the stock be held, while the remaining one has provided a recommendation that the stock should be sold. According to information made available by Bloomberg, the average rating for the stock at the moment is “Hold,” and the consensus price objective has been set at $28.33.
On Wednesday, 465,699 transactions involving MYGN shares took place in the middle of the trading day. After reaching a high of $20.82 per share in the previous trading session, this price represents a decline of $0.21. The company’s stock is currently trading at $23.18 above its simple fifty-day moving average and $22.03 above its two-hundred-day moving average. During the past year, the price of Myriad Genetics has fluctuated between $16.02 and $33.09, with a low of $16.02 and a high of $33.09. It has a price-to-earnings ratio of -86.75 and a market cap currently at $1.68 billion. The company announced earnings per share for the period of ($0.06), which was $0.03 higher than the consensus expectation of ($0.09) from analysts. Myriad Genetics’ return on equity was negative, and the company also had a negative net margin. The return on equity was 3.44%, and the net margin was 2.62% of the total revenue. The company’s actual sales for the quarter came in at $179.30 million, which is significantly higher than the analysts’ predictions of $1700.05 million for the company’s sales for the quarter. The company posted earnings of $0.03 per share for the same period the year before compared to the current year. The revenue the company brought in during the quarter was 5.3% lower compared to the same period that occurred the year before. Equity research experts think Myriad Genetics will lose $0.48 per share during the current fiscal year.

Hedge funds have recently made adjustments to the percentages of their overall portfolios that are invested in the company. GHP Investment Advisors Inc. shelled out close to $27,000 over the first three months of 2018 to acquire additional shares of Myriad Genetics. During the first three months of the year, Redhawk Wealth Advisors Inc. increased the amount of Myriad Genetics stock owned by 97.6%. Redhawk Wealth Advisors Inc. now has a total of 31,662 shares following the purchase of an additional 15,635 shares during the preceding quarter. The company’s shares are currently valued at a combined total of $798,000. During the first three months of the year, Mutual of America Capital Management LLC made a 5.5% increase in the amount of Myriad Genetics stock it owned, bringing its total percentage of ownership to 100%. Mutual of America Capital Management LLC now owns 11,507 shares in the company, valued at $300,000 due to the acquisition of 597 additional shares in the company during the most recent fiscal quarter. The Teacher Retirement System of Texas successfully acquired additional shares of Myriad Genetics during the first three months of 2018, resulting in an 8.5% increase in the system’s overall holdings of these shares. The Teacher Retirement System of Texas now has 16,448 shares of the company, which is worth a combined total of $414,000 after purchasing an additional 1,293 shares during the preceding quarter. And finally, during the first three months of this year, the New York State Teachers’ Retirement System increased the amount of Myriad Genetics stock owned by 10.2%. This brought the total amount of stock that the system possessed to 1.4%. The New York State Teachers’ Retirement System now holds 76,116 shares of the company’s stock, which are currently valued at $1,918,000 after purchasing an additional 7,018 shares during the most recent quarter. These shares were purchased during the most recent quarter. At this point, 99.80% of the company’s equity is owned by institutions.
Myriad Genetics, Inc. is the company that is responsible for the development and marketing of genetic tests, both in the United States and internationally. Myriad Genetics, Inc, markets these tests. The company offers molecular diagnostic assays that can be implemented in oncology, women’s, and mental health settings. For example, patients with metastatic breast, ovarian, pancreatic, or prostate cancer who have deleterious or suspected deleterious germline BRCA variants can benefit from the BRACAnalysis CDx Germline Companion Diagnostic Test that this service provides. This test is a DNA sequencing analysis that helps patients. In addition, it offers the MyRisk Hereditary Cancer Test, a DNA sequencing test that can evaluate a person’s likelihood of developing a form of cancer that runs in their family. DNA sequencing technology is used in both of these diagnostic procedures. In addition, it has a diagnostic test called the MyChoice CDx Companion Test that looks for signs of tumors.

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