Myriad Genetics, Inc. (NASDAQ:MYGN) Stock Has Consensus Price Target of $3.93 According to Brokerages

Myriad Genetics, Inc. (NASDAQ:MYGN) has earned a consensus recommendation of “Reduce” from the eight research firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $4.02.

A number of analysts recently issued reports on the company. Craig Hallum upped their target price on Myriad Genetics from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, October 2nd. Weiss Ratings upgraded Myriad Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, October 12th. Stephens cut their price target on Myriad Genetics from $5.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 18th. UBS Group started coverage on Myriad Genetics in a research report on Wednesday, September 9th. They set a “neutral” rating and a $3.60 price target on the stock. Finally, Piper Sandler cut Myriad Genetics from an “overweight” rating to an “underweight” rating and reduced their price objective for the company from $5.45 to $2.00 in a research note on Tuesday, September 1st.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors have recently modified their holdings of the business. Allworth Financial LP purchased a new stake in Myriad Genetics in the 2nd quarter valued at $25,000. Integrated Wealth Concepts LLC acquired a new stake in Myriad Genetics during the 2nd quarter worth $54,000. Hsbc Holdings PLC purchased a new position in Myriad Genetics during the 2nd quarter worth $61,000. E Fund Management Co. Ltd. purchased a new position in Myriad Genetics during the 2nd quarter worth $67,000. Finally, Pallas Capital Advisors LLC purchased a new position in Myriad Genetics during the 2nd quarter worth $69,000. 99.02% of the stock is owned by institutional investors and hedge funds.

Myriad Genetics Price Performance

Shares of NASDAQ:MYGN opened at $4.21 on Tuesday. The company’s fifty day moving average price is $3.68 and its 200 day moving average price is $4.36. 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 firm has a market capitalization of $402.69 million, a P/E ratio of -3.54 and a beta of 1.64.

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

About Myriad Genetics

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.