Myriad Genetics (NASDAQ:MYGN) Receives “Outperform” Rating from Raymond James

Myriad Genetics (NASDAQ:MYGN)‘s stock had its “outperform” rating restated by equities researchers at Raymond James in a research report issued on Wednesday,Benzinga reports. They presently have a $10.00 target price on the stock, down from their prior target price of $19.00. Raymond James’ price target points to a potential upside of 148.14% from the company’s previous close.

A number of other brokerages also recently issued reports on MYGN. Stephens restated an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. Craig Hallum initiated coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target on the stock. Bank of America decreased their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research report on Monday, March 3rd. Guggenheim lowered shares of Myriad Genetics from a “buy” rating to a “neutral” rating in a report on Wednesday, April 9th. Finally, StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a report on Thursday, April 10th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.04.

Myriad Genetics Stock Performance

Myriad Genetics stock opened at $4.03 on Wednesday. The business has a 50 day moving average of $8.48 and a 200-day moving average of $12.70. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics has a 1 year low of $3.98 and a 1 year high of $29.30. The company has a market capitalization of $371.45 million, a P/E ratio of -3.10 and a beta of 2.01.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $200.37 million. During the same quarter last year, the firm earned ($0.01) earnings per share. The company’s revenue for the quarter was down 33.6% on a year-over-year basis. On average, equities research analysts predict that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its position 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 worth $39,000 after purchasing an additional 2,556 shares during the period. GAMMA Investing LLC raised its holdings in Myriad Genetics by 520.8% during the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company’s stock worth $40,000 after buying an additional 3,750 shares during the last quarter. KBC Group NV lifted its stake 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 valued at $80,000 after buying an additional 3,334 shares in the last quarter. CWM LLC grew 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 valued at $87,000 after buying an additional 8,397 shares during the last quarter. Finally, M.E. Allison & CO. Inc. bought a new stake in shares of Myriad Genetics during the first quarter worth about $93,000. Institutional investors and hedge funds 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.