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

Myriad Genetics (NASDAQ:MYGN) had its target price cut by Piper Sandler from $9.00 to $8.50 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 27.72% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Cowen reissued a “hold” rating on shares of Myriad Genetics in a research report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Myriad Genetics in a research note on Wednesday, November 5th. TD Cowen increased their price objective on shares of Myriad Genetics from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Tuesday, November 4th. UBS Group boosted their target price on Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Finally, Wells Fargo & Company increased their price target on Myriad Genetics from $6.00 to $6.50 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Myriad Genetics Stock Performance

Shares of MYGN traded up $0.18 during trading hours on Tuesday, hitting $6.66. The company had a trading volume of 294,327 shares, compared to its average volume of 1,617,512. The firm has a fifty day moving average price of $7.51 and a 200-day moving average price of $6.01. The stock has a market capitalization of $620.34 million, a price-to-earnings ratio of -1.55 and a beta of 1.99. Myriad Genetics has a 52-week low of $3.76 and a 52-week high of $17.45.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, January 16th. The company reported ($0.19) earnings per share for the quarter. Myriad Genetics had a negative return on equity of 5.17% and a negative net margin of 47.45%.The firm had revenue of $156.40 million during the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. Research analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Several institutional investors have recently bought and sold shares of the business. AXQ Capital LP purchased a new stake in Myriad Genetics during the third quarter worth $83,000. PNC Financial Services Group Inc. lifted its position in shares of Myriad Genetics by 37.4% during the third quarter. PNC Financial Services Group Inc. now owns 12,325 shares of the company’s stock valued at $89,000 after buying an additional 3,358 shares during the last quarter. Aberdeen Group plc grew its position in shares of Myriad Genetics by 178.3% in the 3rd quarter. Aberdeen Group plc now owns 639,053 shares of the company’s stock worth $4,620,000 after buying an additional 409,460 shares during the last quarter. Abich Financial Wealth Management LLC bought a new position in shares of Myriad Genetics during the 3rd quarter worth approximately $61,000. Finally, Public Sector Pension Investment Board boosted its stake in Myriad Genetics by 15.5% in the third quarter. Public Sector Pension Investment Board now owns 362,917 shares of the company’s stock valued at $2,624,000 after acquiring an additional 48,691 shares in the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

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.