investing

The Best Stock in Utah: Myriad Genetics

We analyzed publicly traded companies based in the Beehive State to identify the best stock in Utah to buy now.

We scoured the nation to identify the best stock in every state. Myriad Genetics (symbol MYGN) is the publicly traded company we picked in Utah. The company headquarters is located in Salt Lake City.

A word of caution: Since we selected a single stock from each state (plus one from D.C), and choices in some states are sparse, a few of our picks are best suited to investors comfortable with a higher degree of risk. This is not necessarily one of our 51 favorite stocks in the entire U.S., in other words.

Myriad Genetics by the Numbers

  • Headquarters: Salt Lake City
  • Share price: $26.26
  • Market value: $1.8 billion
  • Price-earnings ratio: 26

(Prices and data are as of June 22, 2017)

Myriad develops genetic diagnostic products. Best known for its BRACAnalysis test, which assesses a woman’s risk for developing hereditary breast and ovarian cancer, the company is seeking to expand its hereditary cancer detection business with the myRisk test, which screens 25 genes for a multitude of cancers. Myriad’s efforts to develop a host of new products, including diagnostic tests for neurological and autoimmune conditions, have eaten away at earnings recently, as has sharply declining demand for the company’s BRACAnalysis kits. But demand for the kits may have bottomed and stabilized, says Value Line analyst Nira Maharaj, and Myriad’s newer diagnostic offerings should keep the company competitive in the $700 billion diagnostics market over the next three to five years. Analysts at William Blair believe a new deal with insurer UnitedHealthcare is in the cards, potentially providing coverage for Myriad’s GeneSight test. They believe the stock will outperform the broad stock market over the next 12 months.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
Can't Sleep at Night? Consider Getting Checked Out By a Doctor
health insurance

Can't Sleep at Night? Consider Getting Checked Out By a Doctor

Older adults are more likely to suffer from sleep disorders, such as insomnia and sleep apnea. Left untreated these conditions can have dire consequen…
May 26, 2021
Midyear Investing Outlook: Where to Invest Now
Kiplinger's Investing Outlook

Midyear Investing Outlook: Where to Invest Now

After a powerful start, stocks will grind higher in the second half of 2021. But watch out for curveballs.
May 23, 2021

Recommended

Bonds: 10 Things You Need to Know
Investing for Income

Bonds: 10 Things You Need to Know

Bonds can be more complex than stocks, but it's not hard to become a knowledgeable fixed-income investor.
July 22, 2020
Is the Stock Market Closed on Memorial Day 2021?
Markets

Is the Stock Market Closed on Memorial Day 2021?

The stock market gets a full day off for Memorial Day. The bond market gets Monday off too, not to mention an early close ahead of the holiday weekend…
May 30, 2021
What Time Is the Stock Market Open Today?
Markets

What Time Is the Stock Market Open Today?

When does the stock market open? While the market does have regular hours, trading doesn't stop when the major exchanges close.
May 28, 2021
Bonds: Be Choosy for the Rest of 2021
Investing for Income

Bonds: Be Choosy for the Rest of 2021

Enough good things are happening in the economy and some fixed-income sectors (perhaps not T-bonds) to imply better second-half prospects.
May 26, 2021