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

Myriad Genetics (NASDAQ:MYGN) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $12.50 price target on the stock, up from their prior price target of $11.50. Piper Sandler’s price target indicates a potential upside of 21.95% from the company’s current price.

MYGN has been the subject of a number of other research reports. Leerink Partnrs cut shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Raymond James reissued an “outperform” rating and issued a $19.00 price target (down previously from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Bank of America cut their price target on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Monday, March 3rd. StockNews.com cut shares of Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Saturday, March 1st. Finally, UBS Group cut 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, February 25th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $21.89.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $10.25 on Wednesday. The company’s 50 day moving average is $12.80 and its 200-day moving average is $18.04. Myriad Genetics has a 12-month low of $9.36 and a 12-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 firm has a market cap of $935.92 million, a P/E ratio of -7.88 and a beta of 1.79.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). The firm had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same period last year, the company posted ($0.12) EPS. Sell-side analysts predict that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P raised its position in shares of Myriad Genetics by 153.7% in the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company’s stock valued at $59,973,000 after buying an additional 1,326,497 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Myriad Genetics by 58.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock valued at $24,950,000 after acquiring an additional 668,429 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its position in shares of Myriad Genetics by 21.1% in the 3rd 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 last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Myriad Genetics by 377.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock worth $7,533,000 after acquiring an additional 434,420 shares during the period. Finally, Iron Triangle Partners LP bought a new stake in Myriad Genetics during the third quarter worth approximately $11,007,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.