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

Myriad Genetics (NASDAQ:MYGN) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. The firm presently has a $12.50 price objective on the stock, up from their previous price objective of $11.50. Piper Sandler’s target price indicates a potential upside of 21.95% from the stock’s previous close.

Several other research firms have also recently commented on MYGN. Raymond James reissued 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. UBS Group dropped their price target on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. The Goldman Sachs Group dropped their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Bank of America lowered their price objective on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research report on Monday, March 3rd. Finally, Leerink Partnrs downgraded Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Myriad Genetics has a consensus rating of “Hold” and a consensus target price of $21.89.

Myriad Genetics Trading Up 6.8 %

NASDAQ:MYGN opened at $10.25 on Wednesday. The stock’s 50 day moving average price is $12.80 and its 200 day moving average price is $18.04. The company has a market capitalization of $935.92 million, a PE ratio of -7.88 and a beta of 1.79. 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 has a 52-week low of $9.36 and a 52-week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last announced its 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). The company had revenue of $210.60 million during the quarter, compared to analysts’ expectations 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 last year, the business posted ($0.12) earnings per share. On average, research analysts anticipate that Myriad Genetics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd bought a new stake in shares of Myriad Genetics in the 3rd quarter valued at about $32,000. Sterling Capital Management LLC boosted its position in Myriad Genetics by 829.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock valued at $39,000 after buying an additional 2,556 shares in the last quarter. KBC Group NV boosted its position in Myriad Genetics by 132.8% in the fourth quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after buying an additional 3,334 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock valued at $132,000 after acquiring an additional 1,471 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Myriad Genetics by 588.4% during the third quarter. Meeder Asset Management Inc. now owns 4,922 shares of the company’s stock valued at $135,000 after acquiring an additional 4,207 shares during the last quarter. 99.02% of the stock is owned by institutional investors and hedge funds.

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.