Myriad Genetics (NASDAQ:MYGN) Raised to “Overweight” at Piper Sandler

Myriad Genetics (NASDAQ:MYGN) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm presently has a $12.50 target price on the stock, up from their prior target price of $11.50. Piper Sandler’s price objective would indicate a potential upside of 28.87% from the company’s previous close.

A number of other equities research analysts have also issued reports on MYGN. 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. Craig Hallum started coverage on shares of Myriad Genetics in a research note on Wednesday, February 12th. They set a “buy” rating and a $29.00 target price for the company. Raymond James restated an “outperform” rating and issued a $19.00 price target (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. The Goldman Sachs Group decreased their price objective on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Finally, Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $30.00 to $21.00 in a research note on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.89.

Myriad Genetics Trading Down 6.8 %

Shares of NASDAQ MYGN opened at $9.70 on Wednesday. Myriad Genetics has a 1-year low of $9.36 and a 1-year high of $29.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The business’s 50 day moving average is $12.74 and its two-hundred day moving average is $17.99. The stock has a market capitalization of $885.70 million, a P/E ratio of -7.46 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $210.60 million for the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the previous year, the company posted ($0.12) EPS. As a group, research analysts expect that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Atria Investments Inc grew its holdings in Myriad Genetics by 5.4% in the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after purchasing an additional 581 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Myriad Genetics during the 3rd quarter worth $1,965,000. GSA Capital Partners LLP purchased a new position in Myriad Genetics during the 3rd quarter worth $505,000. Simplify Asset Management Inc. acquired a new position in Myriad Genetics during the 3rd quarter valued at about $4,756,000. Finally, Natixis Advisors LLC raised its stake in Myriad Genetics by 16.2% in the third quarter. Natixis Advisors LLC now owns 320,013 shares of the company’s stock valued at $8,765,000 after buying an additional 44,646 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.