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.

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