Myriad Genetics (NASDAQ:MYGN) Price Target Raised to $6.50

Myriad Genetics (NASDAQ:MYGN) had its target price raised by stock analysts at Wells Fargo & Company from $6.00 to $6.50 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 4.06% from the company’s previous close.

A number of other brokerages also recently issued reports on MYGN. TD Cowen lifted their price target on Myriad Genetics from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Tuesday. UBS Group boosted their price target on shares of Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday. Weiss Ratings restated a “sell (e+)” rating on shares of Myriad Genetics in a research report on Tuesday, October 14th. Finally, Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Myriad Genetics has an average rating of “Hold” and an average target price of $12.29.

Myriad Genetics Trading Up 4.9%

Shares of Myriad Genetics stock traded up $0.32 on Wednesday, reaching $6.78. The stock had a trading volume of 162,188 shares, compared to its average volume of 1,624,923. The business’s 50 day moving average is $7.49 and its two-hundred day moving average is $6.04. The company has a market cap of $630.38 million, a P/E ratio of -1.59 and a beta of 1.99. Myriad Genetics has a 1 year low of $3.76 and a 1 year high of $19.60.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, January 16th. The company reported ($0.19) EPS for the quarter. Myriad Genetics had a negative net margin of 47.45% and a negative return on equity of 5.17%. The firm had revenue of $156.40 million during the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. On average, equities analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently bought and sold shares of MYGN. EverSource Wealth Advisors LLC raised its holdings in shares of Myriad Genetics by 2,333.3% during the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after acquiring an additional 4,480 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Myriad Genetics by 6,192.9% during the second quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock valued at $28,000 after buying an additional 5,264 shares during the period. Hantz Financial Services Inc. lifted its holdings in Myriad Genetics by 1,088.7% in the third quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock worth $30,000 after buying an additional 3,745 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Myriad Genetics by 407.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after acquiring an additional 4,635 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Myriad Genetics in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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.