Piper Sandler Has Lowered Expectations for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its target price reduced by equities researchers at Piper Sandler from $14.00 to $11.50 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential upside of 11.14% from the company’s current price.

A number of other research analysts have also commented on MYGN. Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $30.00 to $21.00 in a report on Monday, December 9th. UBS Group decreased their target price on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. StockNews.com lowered shares of Myriad Genetics from a “buy” rating to a “hold” rating in a report on Saturday. Morgan Stanley cut their price target on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. Finally, The Goldman Sachs Group decreased their price target on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Myriad Genetics has a consensus rating of “Hold” and an average price target of $21.82.

Myriad Genetics Stock Performance

Shares of MYGN traded down $0.04 during mid-day trading on Tuesday, reaching $10.35. The company’s stock had a trading volume of 215,322 shares, compared to its average volume of 1,152,414. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 1-year low of $9.76 and a 1-year high of $29.30. The business has a 50-day simple moving average of $13.21 and a two-hundred day simple moving average of $18.79. The stock has a market cap of $941.94 million, a P/E ratio of -7.96 and a beta of 1.88.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business had revenue of $210.60 million for the quarter, compared to analyst estimates of $210.35 million. During the same period in the prior year, the business earned ($0.12) EPS. As a group, equities research analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Point72 Hong Kong Ltd purchased a new stake in Myriad Genetics in the 3rd quarter valued at $32,000. Sterling Capital Management LLC raised its holdings in shares of 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 purchasing an additional 2,556 shares during the last quarter. KBC Group NV raised its holdings in shares of 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 purchasing an additional 3,334 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Myriad Genetics by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after purchasing an additional 583 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after purchasing an additional 1,471 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

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.