Bank of America Lowers Myriad Genetics (NASDAQ:MYGN) Price Target to $11.00

Myriad Genetics (NASDAQ:MYGN) had its price target decreased by Bank of America from $13.00 to $11.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s target price would indicate a potential upside of 2.52% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. The Goldman Sachs Group decreased 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 note on Tuesday, January 28th. Stephens reiterated an “equal weight” rating and set a $20.00 target price on shares of Myriad Genetics in a research note on Thursday, January 16th. Leerink Partnrs cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Morgan Stanley dropped their target price on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Myriad Genetics Trading Down 3.0 %

NASDAQ:MYGN opened at $10.73 on Monday. Myriad Genetics has a 1 year low of $9.76 and a 1 year high of $29.30. The stock has a market cap of $976.81 million, a P/E ratio of -8.25 and a beta of 1.88. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The stock has a 50-day simple moving average of $13.28 and a 200-day simple moving average of $18.91.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) EPS 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 in the prior year, the company earned ($0.12) earnings per share. As a group, analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB increased its holdings in Myriad Genetics by 117.0% in the fourth quarter. Nordea Investment Management AB now owns 332,913 shares of the company’s stock valued at $4,548,000 after buying an additional 179,527 shares in the last quarter. Jennison Associates LLC raised its holdings in Myriad Genetics by 144.2% during the fourth quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock worth $809,000 after purchasing an additional 34,853 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in Myriad Genetics during the third quarter worth $1,965,000. Barclays PLC grew its holdings in Myriad Genetics by 136.9% in the third quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after purchasing an additional 109,931 shares during the last quarter. Finally, Simplify Asset Management Inc. acquired a new stake in Myriad Genetics in the third quarter valued at $4,756,000. 99.02% of the stock is currently owned by hedge funds and other 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.