Myriad Genetics, Inc. (NASDAQ:MYGN) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN) have earned a consensus rating of “Hold” from the sixteen brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $14.38.

MYGN has been the subject of several recent analyst reports. Scotiabank cut shares of Myriad Genetics from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $20.00 to $6.00 in a report on Wednesday, May 21st. Wells Fargo & Company lowered shares of Myriad Genetics from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $22.00 to $6.00 in a research note on Wednesday, May 7th. Craig Hallum set a $18.00 target price on shares of Myriad Genetics and gave the company a “buy” rating in a research note on Wednesday, May 7th. Bank of America reduced their target price on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a report on Monday, March 3rd. Finally, Piper Sandler lowered their price target on Myriad Genetics from $12.50 to $9.00 and set an “overweight” rating on the stock in a report on Thursday, May 15th.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds have recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its position in Myriad Genetics by 829.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,864 shares of the company’s stock worth $39,000 after acquiring an additional 2,556 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Myriad Genetics by 520.8% in the 1st quarter. GAMMA Investing LLC now owns 4,470 shares of the company’s stock valued at $40,000 after purchasing an additional 3,750 shares during the last quarter. State of Wyoming boosted its holdings in Myriad Genetics by 147.0% in the first quarter. State of Wyoming now owns 8,641 shares of the company’s stock worth $77,000 after purchasing an additional 5,143 shares in the last quarter. CWM LLC increased its position in Myriad Genetics by 600.2% during the first quarter. CWM LLC now owns 9,796 shares of the company’s stock worth $87,000 after buying an additional 8,397 shares during the last quarter. Finally, M.E. Allison & CO. Inc. bought a new position in Myriad Genetics during the first quarter valued at about $93,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

Myriad Genetics Trading Down 3.1%

NASDAQ MYGN opened at $5.03 on Friday. Myriad Genetics has a one year low of $3.81 and a one year high of $29.30. The firm has a market capitalization of $463.65 million, a price-to-earnings ratio of -3.87 and a beta of 1.84. The company’s 50 day moving average price is $5.86 and its 200 day moving average price is $10.21. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $195.90 million for the quarter, compared to analysts’ expectations of $200.37 million. During the same quarter in the prior year, the company earned ($0.01) earnings per share. The firm’s revenue was down 33.6% on a year-over-year basis. On average, sell-side analysts predict that Myriad Genetics will post -0.3 EPS for the current year.

About Myriad Genetics

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.