Raymond James Reiterates Outperform Rating for Myriad Genetics (NASDAQ:MYGN)

Myriad Genetics (NASDAQ:MYGN)‘s stock had its “outperform” rating reaffirmed by research analysts at Raymond James in a research note issued on Tuesday,Benzinga reports. They currently have a $19.00 target price on the stock, down from their prior target price of $27.00. Raymond James’ price objective would indicate a potential upside of 64.36% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Stephens restated an “equal weight” rating and set a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. Morgan Stanley dropped their price objective on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. UBS Group dropped their price objective on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Tuesday. Piper Sandler dropped their price objective on shares of Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, StockNews.com cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $22.14.

Myriad Genetics Stock Performance

Shares of MYGN stock opened at $11.56 on Tuesday. The stock has a market cap of $1.05 billion, a P/E ratio of -8.89 and a beta of 1.88. 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 company has a fifty day moving average price of $13.37 and a two-hundred day moving average price of $19.21. Myriad Genetics has a one year low of $9.76 and a one year high of $29.30.

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

Institutional Investors Weigh In On Myriad Genetics

Institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd acquired a new position in shares of Myriad Genetics in the 3rd quarter worth approximately $32,000. Sterling Capital Management LLC lifted its position in shares of Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after purchasing an additional 2,556 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Myriad Genetics by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after purchasing an additional 583 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Myriad Genetics by 43.8% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after purchasing an additional 1,471 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in shares of Myriad Genetics by 588.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,922 shares of the company’s stock worth $135,000 after purchasing an additional 4,207 shares during the period. 99.02% of the stock is owned by institutional investors.

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.