Bank of America Issues Pessimistic Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its price target reduced by Bank of America from $15.00 to $13.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential downside of 9.91% from the company’s previous close.

Several other brokerages have also commented on MYGN. UBS Group initiated coverage on shares of Myriad Genetics in a research note on Tuesday, December 10th. They set a “neutral” rating and a $18.00 price target on the stock. Morgan Stanley decreased their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. StockNews.com lowered Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 target price on the stock. Finally, Piper Sandler reduced their price target on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Monday, November 11th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.27.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $14.43 on Friday. The firm has a market capitalization of $1.31 billion, a PE ratio of -11.10 and a beta of 1.87. Myriad Genetics has a 12 month low of $13.92 and a 12 month 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 fifty day moving average price is $18.82 and its 200 day moving average price is $23.57.

Insider Transactions at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $22.93, for a total transaction of $343,950.00. Following the transaction, the chief executive officer now directly owns 962,378 shares in the company, valued at $22,067,327.54. The trade was a 1.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its holdings in shares of Myriad Genetics by 8.8% in the 3rd quarter. Franklin Resources Inc. now owns 58,055 shares of the company’s stock valued at $1,457,000 after buying an additional 4,710 shares during the period. Geode Capital Management LLC raised its position in shares of Myriad Genetics by 1.0% in the third quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock valued at $59,010,000 after buying an additional 21,220 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its position in Myriad Genetics by 21.1% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after buying an additional 440,107 shares during the period. Barclays PLC grew its holdings in Myriad Genetics by 136.9% in the third quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after purchasing an additional 109,931 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Myriad Genetics by 188.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock valued at $1,055,000 after acquiring an additional 25,179 shares during the last quarter. Hedge funds and other 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.