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

Myriad Genetics (NASDAQ:MYGN)‘s stock had its “outperform” rating reissued by investment analysts at Raymond James in a report issued on Tuesday,Benzinga reports. They currently have a $19.00 target price on the stock, down from their previous target price of $27.00. Raymond James’ price objective suggests a potential upside of 60.79% from the company’s previous close.

A number of other research firms have also issued reports on MYGN. Piper Sandler lowered their target price on Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. StockNews.com lowered Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. UBS Group reduced 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. Morgan Stanley reduced their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. Finally, Bank of America dropped their price target on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating on the stock in a research report on Friday, December 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $22.14.

Myriad Genetics Stock Performance

MYGN traded down $1.96 during trading hours on Tuesday, hitting $11.82. 1,367,646 shares of the stock were exchanged, compared to its average volume of 1,105,271. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -9.06 and a beta of 1.88. Myriad Genetics has a 12 month low of $9.76 and a 12 month high of $29.30. The stock has a 50-day simple moving average of $13.45 and a 200-day simple moving average of $19.38.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data 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). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The company had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

Several large investors have recently made changes to their positions in MYGN. Loomis Sayles & Co. L P lifted its stake 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 acquiring an additional 1,326,497 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in Myriad Genetics by 58.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock valued at $24,950,000 after purchasing an additional 668,429 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in Myriad Genetics by 21.1% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Myriad Genetics by 377.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock valued at $7,533,000 after purchasing an additional 434,420 shares during the last quarter. Finally, Iron Triangle Partners LP bought a new stake in Myriad Genetics in the third quarter valued at about $11,007,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Company Profile

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.