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

Myriad Genetics (NASDAQ:MYGN) had its price target dropped by equities research analysts at Piper Sandler from $30.00 to $24.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential upside of 48.42% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company started coverage on Myriad Genetics in a report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target for the company. TD Cowen lifted their price target on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley assumed coverage on shares of Myriad Genetics in a report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Finally, Scotiabank increased their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $28.36.

Myriad Genetics Stock Down 6.6 %

Shares of NASDAQ MYGN opened at $16.17 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $24.09 and a 200 day moving average of $24.76. Myriad Genetics has a 12-month low of $16.10 and a 12-month high of $29.30. The stock has a market cap of $1.47 billion, a PE ratio of -12.44 and a beta of 1.93.

Insider Activity at Myriad Genetics

In related news, CEO Paul J. Diaz sold 15,000 shares of Myriad Genetics stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the sale, the chief executive officer now owns 962,378 shares of the company’s stock, valued at $22,067,327.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Heinrich Dreismann sold 10,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the transaction, the director now owns 121,648 shares in the company, valued at approximately $3,290,578.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,012 shares of company stock worth $1,900,485. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC boosted its stake in shares of Myriad Genetics by 135.2% during the 3rd quarter. Algert Global LLC now owns 21,280 shares of the company’s stock worth $583,000 after acquiring an additional 12,232 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Myriad Genetics by 4.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,083,302 shares of the company’s stock valued at $29,672,000 after purchasing an additional 41,374 shares during the period. Intech Investment Management LLC increased its stake in shares of Myriad Genetics by 32.0% during the 3rd quarter. Intech Investment Management LLC now owns 29,055 shares of the company’s stock valued at $796,000 after acquiring an additional 7,043 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Myriad Genetics by 426.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 115,036 shares of the company’s stock worth $3,151,000 after purchasing an additional 93,171 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Myriad Genetics in the 3rd quarter worth $662,000. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.