Piper Sandler Cuts Myriad Genetics (NASDAQ:MYGN) Price Target to $11.50

Myriad Genetics (NASDAQ:MYGN) had its target price lowered by Piper Sandler from $14.00 to $11.50 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $30.00 to $21.00 in a report on Monday, December 9th. Stephens reaffirmed an “equal weight” rating and set a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. Bank of America dropped their price target on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a research note on Monday. The Goldman Sachs Group reduced their price objective on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, January 28th. Finally, Craig Hallum initiated coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 target price on the stock. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $21.82.

Myriad Genetics Stock Performance

MYGN opened at $10.52 on Tuesday. The firm’s 50-day moving average price is $13.08 and its 200-day moving average price is $18.61. The company has a market cap of $957.69 million, a P/E ratio of -8.09 and a beta of 1.88. 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 $9.76 and a 52-week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last released its 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 for the quarter, compared to analyst estimates 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 firm earned ($0.12) EPS. As a group, equities analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd acquired a new stake in Myriad Genetics during the third quarter worth about $32,000. Sterling Capital Management LLC increased its holdings in shares of Myriad Genetics by 829.9% during the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after buying an additional 2,556 shares during the last quarter. KBC Group NV raised its position in shares of Myriad Genetics by 132.8% during the 4th 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 during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Myriad Genetics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after acquiring an additional 583 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Myriad Genetics by 43.8% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after acquiring an additional 1,471 shares during the period. 99.02% of the stock is 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.