Scotiabank Has Lowered Expectations for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN - Get Free Report) had its price objective lowered by equities research analysts at Scotiabank from $24.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the stock. Scotiabank's price objective suggests a potential upside of 146.00% from the stock's current price.

Several other research analysts also recently weighed in on MYGN. Bank of America decreased their price target on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a research report on Monday, March 3rd. UBS Group cut their price target on Myriad Genetics from $18.00 to $16.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Stephens reaffirmed an "equal weight" rating and issued a $20.00 price objective on shares of Myriad Genetics in a research note on Thursday, January 16th. Raymond James reiterated an "outperform" rating and set a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a research note on Tuesday, February 25th. Finally, Leerink Partnrs lowered shares of Myriad Genetics from a "strong-buy" rating to a "hold" rating in a report on Monday, December 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $20.89.

Myriad Genetics Stock Performance

Shares of NASDAQ MYGN traded down $0.28 during midday trading on Tuesday, hitting $8.13. 1,756,848 shares of the stock traded hands, compared to its average volume of 885,899. The firm has a market capitalization of $742.34 million, a P/E ratio of -6.25 and a beta of 1.79. Myriad Genetics has a one year low of $7.88 and a one year high of $29.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The firm has a 50-day moving average of $11.36 and a two-hundred day moving average of $15.93.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.12). The firm had revenue of $210.60 million during the quarter, compared to the consensus estimate of $210.35 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 company posted ($0.12) EPS. On average, equities analysts forecast that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Large investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new position in Myriad Genetics during the 3rd quarter valued at approximately $32,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Myriad Genetics by 43.8% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company's stock valued at $132,000 after purchasing an additional 1,471 shares in the last quarter. Blue Trust Inc. increased its position in Myriad Genetics by 14.1% in the fourth quarter. Blue Trust Inc. now owns 14,451 shares of the company's stock worth $198,000 after purchasing an additional 1,788 shares during the last quarter. Swiss National Bank raised its stake in Myriad Genetics by 1.0% during the fourth quarter. Swiss National Bank now owns 178,600 shares of the company's stock valued at $2,449,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Myriad Genetics by 0.4% during the fourth quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company's stock valued at $8,857,000 after purchasing an additional 2,256 shares during the last quarter. 99.02% of the stock is 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.