Myriad Genetics (NASDAQ:MYGN) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Myriad Genetics (NASDAQ:MYGN) from an underweight rating to a neutral rating in a report issued on Tuesday morning, MarketBeat reports. Piper Sandler currently has $5.00 price objective on the stock.

A number of other research firms also recently commented on MYGN. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, October 12th. UBS Group started coverage on Myriad Genetics in a research note on Wednesday, September 9th. They set a “neutral” rating and a $3.60 price objective on the stock. Stephens reduced their target price on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 18th. TD Cowen lifted their target price on Myriad Genetics from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Tuesday, October 13th. Finally, Zacks Research upgraded Myriad Genetics from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.77.

Myriad Genetics Trading Up 3.4%

MYGN opened at $5.76 on Tuesday. Myriad Genetics has a 12-month low of $2.74 and a 12-month high of $8.50. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98. The stock has a market capitalization of $550.94 million, a PE ratio of -4.84 and a beta of 1.64. The firm’s fifty day moving average price is $3.83 and its 200 day moving average price is $4.38.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.19). The company had revenue of $190.70 million for the quarter, compared to analyst estimates of $206.03 million. Myriad Genetics had a negative return on equity of 16.09% and a negative net margin of 13.96%. Myriad Genetics’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.05 earnings per share. As a group, research analysts expect that Myriad Genetics will post -0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in MYGN. Orbimed Advisors LLC bought a new position in shares of Myriad Genetics during the first quarter worth about $562,500,000. BlackRock Inc. acquired a new position in Myriad Genetics during the 2nd quarter valued at about $62,184,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Myriad Genetics during the 2nd quarter valued at about $8,039,000. Assenagon Asset Management S.A. grew its position in Myriad Genetics by 23.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,446,961 shares of the company’s stock worth $6,511,000 after purchasing an additional 279,227 shares during the last quarter. Finally, Man Group plc bought a new position in Myriad Genetics in the 2nd quarter worth about $5,189,000. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Company Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women’s health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.