Myriad Genetics (NASDAQ:MYGN) Given New $14.00 Price Target at Piper Sandler

Myriad Genetics (NASDAQ:MYGN) had its target price cut by analysts at Piper Sandler from $24.00 to $14.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 10.50% from the company’s current price.

Several other research firms have also issued reports on MYGN. Stephens reiterated an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research note on Thursday, January 16th. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $30.00 to $21.00 in a research report on Monday, December 9th. StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a report on Thursday, January 9th. Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Finally, The Goldman Sachs Group dropped 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. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.00.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $12.67 on Thursday. Myriad Genetics has a twelve month low of $12.04 and a twelve 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 stock has a market cap of $1.15 billion, a P/E ratio of -9.75 and a beta of 1.89. The company’s 50-day simple moving average is $14.09 and its 200 day simple moving average is $21.00.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.08). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The company had revenue of $213.30 million for the quarter, compared to analyst estimates of $209.82 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. As a group, research analysts forecast that Myriad Genetics will post -0.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its stake in shares of Myriad Genetics by 14.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 77,774 shares of the company’s stock valued at $1,902,000 after buying an additional 9,838 shares during the period. AQR Capital Management LLC boosted its holdings in Myriad Genetics by 17.5% in the second quarter. AQR Capital Management LLC now owns 20,910 shares of the company’s stock valued at $511,000 after acquiring an additional 3,116 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Myriad Genetics by 9.9% in the second quarter. The Manufacturers Life Insurance Company now owns 50,071 shares of the company’s stock worth $1,225,000 after purchasing an additional 4,528 shares during the period. Algert Global LLC bought a new stake in Myriad Genetics during the 2nd quarter worth about $221,000. Finally, Sanctuary Advisors LLC bought a new stake in Myriad Genetics during the 2nd quarter worth about $537,000. Institutional investors and hedge funds 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.