Scotiabank Downgrades Myriad Genetics (NASDAQ:MYGN) to Sector Perform

Myriad Genetics (NASDAQ:MYGN) was downgraded by investment analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday, Marketbeat reports. They currently have a $6.00 target price on the stock, down from their prior target price of $20.00. Scotiabank’s price objective indicates a potential upside of 52.67% from the stock’s current price.

MYGN has been the topic of a number of other research reports. Raymond James reiterated an “outperform” rating and issued a $10.00 price objective (down previously from $19.00) on shares of Myriad Genetics in a research report on Wednesday, May 7th. The Goldman Sachs Group lowered their price objective on Myriad Genetics from $14.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Piper Sandler lowered their price objective on Myriad Genetics from $12.50 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, May 15th. Craig Hallum set a $18.00 price objective on Myriad Genetics and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Finally, UBS Group lowered their price objective on Myriad Genetics from $16.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $14.79.

Myriad Genetics Price Performance

Myriad Genetics stock opened at $3.93 on Wednesday. Myriad Genetics has a one year low of $3.81 and a one year high of $29.30. The business has a fifty day moving average price of $7.27 and a 200-day moving average price of $11.51. 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 firm has a market capitalization of $362.26 million, a P/E ratio of -3.02 and a beta of 2.01.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The firm had revenue of $195.90 million during the quarter, compared to analyst estimates of $200.37 million. During the same period last year, the company earned ($0.01) earnings per share. The business’s revenue for the quarter was down 33.6% on a year-over-year basis. As a group, equities research analysts forecast that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Myriad Genetics

Large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in shares of Myriad Genetics by 144.2% during the fourth quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock valued at $809,000 after buying an additional 34,853 shares during the last quarter. Northern Trust Corp grew its stake in shares of Myriad Genetics by 6.7% during the fourth quarter. Northern Trust Corp now owns 1,032,132 shares of the company’s stock valued at $14,151,000 after buying an additional 64,923 shares during the last quarter. Barclays PLC grew its stake in shares of Myriad Genetics by 7.3% during the fourth quarter. Barclays PLC now owns 204,051 shares of the company’s stock valued at $2,797,000 after buying an additional 13,808 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Myriad Genetics by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 61,341 shares of the company’s stock valued at $841,000 after buying an additional 3,711 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Myriad Genetics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 10,591,043 shares of the company’s stock valued at $145,203,000 after buying an additional 279,379 shares during the last quarter. Hedge funds and other institutional investors 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.