Myriad Genetics (NASDAQ:MYGN) Price Target Cut to $14.00 by Analysts at Piper Sandler

Myriad Genetics (NASDAQ:MYGN - Free Report) had its price target decreased by Piper Sandler from $24.00 to $14.00 in a report released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other research firms have also issued reports on MYGN. The Goldman Sachs Group reduced their price target on Myriad Genetics from $29.00 to $18.00 and set a "buy" rating on the stock in a research report on Tuesday. Morgan Stanley reduced their price target on Myriad Genetics from $32.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Monday, November 18th. UBS Group initiated coverage on Myriad Genetics in a research report on Tuesday, December 10th. They set a "neutral" rating and a $18.00 price target on the stock. StockNews.com upgraded Myriad Genetics from a "hold" rating to a "buy" rating in a research report on Thursday, January 9th. Finally, Leerink Partnrs lowered Myriad Genetics from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $22.00.

Myriad Genetics Price Performance

Shares of NASDAQ MYGN traded down $0.24 during trading hours on Thursday, reaching $12.67. 1,511,091 shares of the stock traded hands, compared to its average volume of 1,097,597. The company has a market capitalization of $1.15 billion, a P/E ratio of -9.75 and a beta of 1.89. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 52-week low of $12.04 and a 52-week high of $29.30. The company's 50-day simple moving average is $14.09 and its two-hundred day simple moving average is $21.00.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.08). The firm had revenue of $213.30 million for the quarter, compared to analysts' expectations of $209.82 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same period in the prior year, the business posted ($0.17) earnings per share. Equities research analysts forecast that Myriad Genetics will post -0.28 EPS for the current year.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P boosted its position in shares of Myriad Genetics by 153.7% during the third quarter. Loomis Sayles & Co. L P now owns 2,189,601 shares of the company's stock valued at $59,973,000 after purchasing an additional 1,326,497 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its position in shares of Myriad Genetics by 21.1% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company's stock valued at $69,226,000 after purchasing an additional 440,107 shares in the last quarter. Iron Triangle Partners LP bought a new stake in shares of Myriad Genetics during the third quarter valued at approximately $11,007,000. State Street Corp boosted its position in shares of Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company's stock valued at $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Myriad Genetics by 26.7% during the third quarter. Point72 Asset Management L.P. now owns 1,063,711 shares of the company's stock valued at $29,135,000 after purchasing an additional 224,255 shares in 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.