Piper Sandler Lowers Myriad Genetics (NASDAQ:MYGN) Price Target to $11.50

Myriad Genetics (NASDAQ:MYGN) had its price target reduced by Piper Sandler from $14.00 to $11.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential upside of 11.22% from the company’s current price.

A number of other research analysts have also recently issued reports on MYGN. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $30.00 to $21.00 in a research report on Monday, December 9th. Stephens reissued an “equal weight” rating and set a $20.00 price target on shares of Myriad Genetics in a research note on Thursday, January 16th. Raymond James reissued an “outperform” rating and set a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. The Goldman Sachs Group cut their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Finally, StockNews.com lowered Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Saturday, March 1st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $21.82.

Myriad Genetics Stock Performance

Myriad Genetics stock opened at $10.34 on Tuesday. Myriad Genetics has a 12-month low of $9.76 and a 12-month 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. The business’s 50-day moving average price is $13.15 and its two-hundred day moving average price is $18.66. The stock has a market cap of $941.30 million, a PE ratio of -7.95 and a beta of 1.88.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 million. During the same quarter in the prior year, the firm earned ($0.12) EPS. As a group, analysts expect that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Myriad Genetics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company’s stock worth $145,203,000 after buying an additional 279,379 shares in the last quarter. State Street Corp grew its holdings in Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after buying an additional 359,685 shares in the last quarter. Earnest Partners LLC grew its holdings in Myriad Genetics by 0.4% during the fourth quarter. Earnest Partners LLC now owns 3,971,598 shares of the company’s stock worth $54,451,000 after buying an additional 15,650 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Myriad Genetics by 13.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after buying an additional 336,770 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its position in Myriad Genetics by 21.1% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after purchasing an additional 440,107 shares during the last quarter. 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.