Raymond James Reiterates Outperform Rating for Myriad Genetics (NASDAQ:MYGN)

Raymond James reissued their outperform rating on shares of Myriad Genetics (NASDAQ:MYGN) in a research note published on Wednesday morning,Benzinga reports. They currently have a $10.00 price objective on the stock, down from their previous price objective of $19.00.

Several other analysts also recently weighed in on the company. Guggenheim downgraded Myriad Genetics from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 9th. StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday, April 10th. Scotiabank dropped their price target on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 1st. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Finally, Bank of America cut their target price on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research report on Monday, March 3rd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $16.04.

Myriad Genetics Stock Performance

MYGN stock opened at $3.89 on Wednesday. Myriad Genetics has a 1 year low of $3.86 and a 1 year high of $29.30. The stock has a market capitalization of $358.55 million, a price-to-earnings ratio of -2.99 and a beta of 2.01. 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’s fifty day moving average is $8.35 and its two-hundred day moving average is $12.57.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The firm had revenue of $195.90 million for the quarter, compared to the consensus estimate of $200.37 million. During the same period last year, the firm posted ($0.01) EPS. Myriad Genetics’s quarterly revenue was down 33.6% compared to the same quarter last year. On average, research analysts predict that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Trading of Myriad Genetics

Large investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its holdings in shares of Myriad Genetics by 829.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock valued at $39,000 after buying an additional 2,556 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Myriad Genetics by 520.8% in the 1st quarter. GAMMA Investing LLC now owns 4,470 shares of the company’s stock valued at $40,000 after purchasing an additional 3,750 shares during the period. KBC Group NV lifted its position 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 worth $80,000 after purchasing an additional 3,334 shares in the last quarter. CWM LLC boosted its holdings in shares of Myriad Genetics by 600.2% during the first quarter. CWM LLC now owns 9,796 shares of the company’s stock worth $87,000 after purchasing an additional 8,397 shares during the period. Finally, M.E. Allison & CO. Inc. purchased a new position in Myriad Genetics during the first quarter valued at approximately $93,000. 99.02% of the stock is owned by institutional investors and hedge funds.

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.