Should Investors Consider Buying Myriad Genetics Inc (NASDAQ:MYGN) Shares Now That Goldman Sachs Has Upgraded The Stock?


Myriad Genetics Inc (NASDAQ:MYGN) Stock Upgrade

Myriad Genetics Inc (NASDAQ:MYGN) was upgraded by Goldman Sachs from a “Sell” rating to a more respectable “Neutral” rating in a very recent research note distributed earlier today. They currently have a $40.00 target price per share on the stock, which means a possible downside of -6.45% from the last close price of the stock.

From a total of 10 analysts covering Myriad Genetics (NASDAQ:MYGN) stock, 7 rate it a ”Buy”, 5 a “Sell”, and 6 a ”Hold”. This means that 39% of the ratings are positive. The highest target price is $50 while the lowest target price is $25. The mean of all analyst targets is $40.5 with a -3.41% below today’s ($42.76) stock price. Myriad Genetics was the topic of 13 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Mizuho maintained shares on November 4 with “Neutral” rating. Wells Fargo upgraded MYGN stock in a recent report from August 25 to “Market Perform” rating.

The stock decreased 0.56% or $0.24 during the last trading session, striking $42.76. Approximately 10 shares of stock traded hands. Myriad Genetics, Inc. (NASDAQ:MYGN) has risen 23.80% since May 5, 2015 and is uptrending. It has outperformed by 24.39% the S&P500.

The overall sentiment of institutions has increased to 0.87 in Q2 2015. Its up 0.14, from 0.73 in 2015Q2. The ratio is positive, as 32 institutions have sold all the shares of Myriad Genetics, Inc. that they owned while 86 funds have taken shares off the table. 34 funds have purchased shares for the first time while 69 added to their positions. These institutions now hold 85.67 million shares or 6.93% less than the 92.05 million shares they owned in 2015Q2.

The Fund Tieton Capital Management Llc currently is holding shares equating to 4.95% of its total portfolio in Myriad Genetics, Inc. representing a total of 141,410 shares. Another fund,Rk Capital Management Llc, is holding a total of 424,600 shares equating to 2.91% of their holdings. Additionally, Contrarius Investment Management Ltd has a 747,861 share stake in Myriad Genetics, Inc. which represents 2.77% of their total portfolio. The Fund, Euclidean Technologies Management Llc, based out of New York, has also built up a stake in the stock, which represents a total of 2.64% of their total portfolio. Finally S&T Bank Pa, a fund which is based in the state of Pennsylvania reported a total holdings of 402,258 shares.

Insider activity is a very important aspect to track on any stock. Going back to August 31, 2015, shareholders of Myriad Genetics, Inc. have witnessed 0 buys, and a total of 6 sales equating to a net activity of approximately $7.07 million . Marsh Richard M sold 35,000 shares worth approximately $1.44M. Lanchbury Jerry S sold 60,270 shares worth approximately $2.40 million. King Gary A. sold 14,562 shares worth approximately $573,888.

Myriad Genetics, Inc. is a molecular diagnostic company. The company has a market cap of $3.00 billion. The Firm is engaged in the discovery, development and marketing of transformative molecular diagnostic tests. It has 34.36 P/E ratio. Myriad operates through two divisions: 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 services and products to the pharmaceutical, biotechnology and medical research industries, research and development, and clinical services for patients.

According to Zacks Investment Research, “Myriad Genetics, Inc. uses gene-based medicine to develop therapeutic and molecular diagnostic products. They employ a variety of proprietary proteomic technologies to discover disease genes and to understand the role these genes and their related proteins play in the onset and progression of disease. They have integrated these technologies using bioinformatics and robotics systems to conduct their research efforts on a high-throughput basis. This has enabled them to identify numerous proteins as targets for new drugs and molecular diagnostic tests.” Get a free copy of the Zacks research report on Myriad Genetics, Inc. (MYGN).