Myriad Genetics (MYGN) is Downgraded by Wells Fargo to Market Perform

Myriad Genetics (MYGN) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on Aug 10, 2016.

Many Wall Street Analysts have commented on Myriad Genetics. Shares were Downgraded by Barclays on Aug 10, 2016 to ” Equal Weight” and Lowered the Price Target to $ 24 from a previous price target of $50 .Shares were Downgraded by Gabelli & Co on Aug 10, 2016 to ” Hold” and Lowered the Price Target to $ 32 from a previous price target of $46 .Myriad Genetics was Downgraded by BofA/Merrill to ” Underperform” on Jul 29, 2016.

On the company’s financial health, Myriad Genetics reported $0.36 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $0.37. The company had revenue of $186.50 million for the quarter, compared to analysts expectations of $187.75 million. The company’s revenue was down -1.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.41 EPS.

Myriad Genetics closed down -0.47 points or -1.54% at $29.99 with 16,34,202 shares getting traded on Monday. Post opening the session at $30.5, the shares hit an intraday low of $29.86 and an intraday high of $31.49 and the price fluctuated in this range throughout the day.Shares ended Monday 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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