Myriad Genetics (NASDAQ:MYGN) Price Target Lowered to $11.00 at Bank of America

Myriad Genetics (NASDAQ:MYGN) had its price objective reduced by Bank of America from $13.00 to $11.00 in a report issued on Monday,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Craig Hallum began coverage on Myriad Genetics in a report on Wednesday, February 12th. They set a “buy” rating and a $29.00 price objective for the company. The Goldman Sachs Group reduced their price objective on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. StockNews.com cut Myriad Genetics from a “buy” rating to a “hold” rating in a report on Saturday. 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 research note on Tuesday, February 25th. Finally, Piper Sandler cut their price target on Myriad Genetics from $24.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.00.

Myriad Genetics Trading Down 3.2 %

Myriad Genetics stock opened at $10.39 on Monday. Myriad Genetics has a 52 week low of $9.76 and a 52 week 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 stock has a market capitalization of $945.85 million, a P/E ratio of -7.99 and a beta of 1.88. The stock has a 50-day simple moving average of $13.21 and a 200 day simple moving average of $18.79.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.12). Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm 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) EPS. Analysts expect that Myriad Genetics will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Atria Investments Inc raised its position in Myriad Genetics by 5.4% during the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock valued at $313,000 after purchasing an additional 581 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Myriad Genetics by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after buying an additional 583 shares in the last quarter. Creative Planning increased its holdings in shares of Myriad Genetics by 9.8% during the third quarter. Creative Planning now owns 9,949 shares of the company’s stock worth $273,000 after buying an additional 892 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Myriad Genetics during the third quarter worth $32,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Myriad Genetics by 43.8% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after buying an additional 1,471 shares in the last quarter. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.