Myriad Genetics (MYGN) is Downgraded by BofA/Merrill to Underperform

Myriad Genetics (MYGN) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Jul 29, 2016.

Many Wall Street Analysts have commented on Myriad Genetics. Shares were Reiterated by Mizuho on May 4, 2016 to “Neutral” and Lowered the Price Target to $ 34 from a previous price target of $42 .

On the company’s financial health, Myriad Genetics reported $0.41 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.38. The company had revenue of $190.50 million for the quarter, compared to analysts expectations of $184.93 million. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS.

Myriad Genetics closed down -0.42 points or -1.29% at $32.07 with 3,90,311 shares getting traded on Thursday. Post opening the session at $32.4, the shares hit an intraday low of $32.0235 and an intraday high of $32.54 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Jun 22, 2016, Alexander Ford (President, MGL) sold 18,637 shares at $30.87 per share price. According to the SEC, on Apr 8, 2016, Gary A. King (Exec. VP International Ops) sold 15,000 shares at $39.03 per share price. On Dec 14, 2015, Walter Phd Gilbert (director) sold 5,000 shares at $42.23 per share price, according to the Form-4 filing with the securities and exchange commission.

Myriad Genetics Inc. (Myriad) is a molecular diagnostic company. The Company is engaged in the discovery development and marketing of transformative molecular diagnostic tests. Myriad operates through two segments: diagnostics which provides testing and collaborative development of testing that is designed to assess an individual’s risk for developing disease later in life identify a patient’s likelihood of responding to drug therapy and guide a patient’s dosing or assess a patient’s risk of disease progression and disease recurrence and other which provides testing products and services to the pharmaceutical biotechnology and medical research industries research and development and clinical services for patients. It offers diagnostic tests for various diseases such as myRisk Hereditary Cancer test for hereditary cancers; myPlan Lung Cancer test for lung cancer; myPath Melanoma test for melanoma; Prolaris test for prostate cancer and Vectra DA for rheumatoid arthritis.

Myriad Genetics

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