Myriad Genetics (NASDAQ:MYGN) Given New $8.50 Price Target at Piper Sandler

Myriad Genetics (NASDAQ:MYGN) had its price target dropped by equities researchers at Piper Sandler from $9.00 to $8.50 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 27.72% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Cowen restated a “hold” rating on shares of Myriad Genetics in a research note on Tuesday, November 4th. TD Cowen raised their price target on shares of Myriad Genetics from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a research report on Wednesday, November 5th. Wells Fargo & Company increased their price objective on shares of Myriad Genetics from $6.00 to $6.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Finally, UBS Group boosted their target price on Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.25.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN traded up $0.18 during mid-day trading on Tuesday, reaching $6.66. 294,327 shares of the company’s stock traded hands, compared to its average volume of 1,617,512. The business has a 50-day simple moving average of $7.51 and a 200 day simple moving average of $6.01. The stock has a market cap of $620.34 million, a P/E ratio of -1.55 and a beta of 1.99. Myriad Genetics has a 1-year low of $3.76 and a 1-year high of $17.45.

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

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Myriad Genetics by 0.7% in the 1st 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 boosted its holdings in Myriad Genetics by 17.6% during the 2nd quarter. Glenview Capital Management LLC now owns 4,587,407 shares of the company’s stock valued at $24,359,000 after acquiring an additional 687,857 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Myriad Genetics by 44.7% in 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 period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Myriad Genetics by 50.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,387,832 shares of the company’s stock valued at $7,369,000 after buying an additional 465,921 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in Myriad Genetics by 301.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,304,163 shares of the company’s stock worth $9,429,000 after acquiring an additional 979,133 shares during the last quarter. 99.02% of the stock is currently owned by institutional investors.

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.