Piper Sandler Issues Pessimistic Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its target price cut by investment analysts at Piper Sandler from $24.00 to $14.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 10.50% from the stock’s previous close.

Several other equities analysts have also recently weighed in on MYGN. UBS Group started coverage on shares of Myriad Genetics in a research report on Tuesday, December 10th. They set a “neutral” rating and a $18.00 price objective on the stock. The Goldman Sachs Group lowered their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday. Leerink Partners downgraded Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a research note on Thursday, January 9th. Finally, Leerink Partnrs lowered shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.00.

Myriad Genetics Trading Down 1.9 %

NASDAQ:MYGN opened at $12.67 on Thursday. The stock has a fifty day simple moving average of $14.09 and a 200 day simple moving average of $21.00. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -9.75 and a beta of 1.89. Myriad Genetics has a 1-year low of $12.04 and a 1-year high of $29.30. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Thursday, November 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.08). The firm had revenue of $213.30 million during the quarter, compared to analyst estimates of $209.82 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same quarter in the previous year, the business earned ($0.17) earnings per share. Sell-side analysts forecast that Myriad Genetics will post -0.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MYGN. Envestnet Asset Management Inc. boosted its holdings in Myriad Genetics by 14.5% in the second quarter. Envestnet Asset Management Inc. now owns 77,774 shares of the company’s stock worth $1,902,000 after purchasing an additional 9,838 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Myriad Genetics by 17.5% in the second quarter. AQR Capital Management LLC now owns 20,910 shares of the company’s stock worth $511,000 after buying an additional 3,116 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Myriad Genetics by 9.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 50,071 shares of the company’s stock worth $1,225,000 after acquiring an additional 4,528 shares in the last quarter. Algert Global LLC acquired a new position in shares of Myriad Genetics during the 2nd quarter valued at about $221,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Myriad Genetics in the 2nd quarter valued at approximately $537,000. Institutional investors own 99.02% of the company’s stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.