Myriad Genetics (NASDAQ:MYGN) Price Target Cut to $8.50 by Analysts at Piper Sandler

Myriad Genetics (NASDAQ:MYGN) had its target price lowered by Piper Sandler from $9.00 to $8.50 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also commented on MYGN. Weiss Ratings restated a “sell (d-)” rating on shares of Myriad Genetics in a research report on Wednesday, November 5th. TD Cowen boosted their target price on Myriad Genetics from $8.00 to $9.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a report on Tuesday, November 4th. UBS Group lifted their price objective on Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company boosted their price objective on Myriad Genetics from $6.00 to $6.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.25.

Myriad Genetics Trading Up 3.1%

MYGN stock opened at $6.68 on Tuesday. Myriad Genetics has a 1-year low of $3.76 and a 1-year high of $17.45. The firm has a market cap of $622.67 million, a P/E ratio of -1.56 and a beta of 1.99. The business’s 50 day moving average is $7.51 and its 200-day moving average is $6.01.

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

Hedge Funds Weigh In On Myriad Genetics

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Myriad Genetics by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,667,755 shares of the company’s stock worth $94,623,000 after purchasing an additional 76,712 shares during the period. Glenview Capital Management LLC grew its position in shares of Myriad Genetics by 17.6% during the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock worth $24,359,000 after buying an additional 687,857 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Myriad Genetics by 44.7% during the second quarter. Qube Research & Technologies Ltd now owns 2,051,588 shares of the company’s stock worth $10,894,000 after buying an additional 633,439 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Myriad Genetics by 50.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,387,832 shares of the company’s stock worth $7,369,000 after buying an additional 465,921 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Myriad Genetics by 301.2% in the third quarter. Assenagon Asset Management S.A. now owns 1,304,163 shares of the company’s stock valued at $9,429,000 after buying an additional 979,133 shares during the period. 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.