Scotiabank Lowers Myriad Genetics (NASDAQ:MYGN) Price Target to $20.00

Myriad Genetics (NASDAQ:MYGN) had its price target decreased by equities research analysts at Scotiabank from $24.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target would suggest a potential upside of 130.71% from the stock’s previous close.

MYGN has been the subject of several other research reports. Piper Sandler upgraded shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $11.50 to $12.50 in a research report on Wednesday, March 12th. Leerink Partnrs downgraded shares of Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday, December 9th. Stephens restated an “equal weight” rating and issued a $20.00 price target on shares of Myriad Genetics in a research report on Thursday, January 16th. Bank of America reduced their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a report on Monday, March 3rd. Finally, StockNews.com upgraded shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $20.89.

Myriad Genetics Stock Performance

NASDAQ:MYGN traded down $0.20 during mid-day trading on Tuesday, hitting $8.67. The company’s stock had a trading volume of 64,894 shares, compared to its average volume of 875,657. The business’s fifty day moving average is $11.69 and its two-hundred day moving average is $16.30. The stock has a market cap of $791.56 million, a price-to-earnings ratio of -6.66 and a beta of 1.79. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. Myriad Genetics has a 1 year low of $8.53 and a 1 year high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last posted its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $210.35 million. During the same period in the previous year, the company earned ($0.12) earnings per share. Analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MYGN. Vanguard Group Inc. lifted its holdings 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 acquiring an additional 279,379 shares during the period. State Street Corp lifted its position in Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after purchasing an additional 359,685 shares during the period. Earnest Partners LLC lifted its position in Myriad Genetics by 0.4% during the 4th quarter. Earnest Partners LLC now owns 3,971,598 shares of the company’s stock valued at $54,451,000 after purchasing an additional 15,650 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of Myriad Genetics by 13.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock valued at $37,932,000 after purchasing an additional 336,770 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN grew its position in shares of Myriad Genetics by 21.1% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,527,435 shares of the company’s stock worth $69,226,000 after buying an additional 440,107 shares during the period. Institutional investors own 99.02% of the company’s stock.

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.