Myriad Genetics (NASDAQ:MYGN) Cut to “Neutral” at Guggenheim

Myriad Genetics (NASDAQ:MYGN) was downgraded by investment analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports.

Several other equities research analysts have also weighed in on the company. Stephens restated an “equal weight” rating and set a $20.00 price target on shares of Myriad Genetics in a research report on Thursday, January 16th. Raymond James restated an “outperform” rating and issued a $19.00 price objective (down from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. The Goldman Sachs Group lowered their target price on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, January 28th. Piper Sandler upgraded Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $11.50 to $12.50 in a research note on Wednesday, March 12th. Finally, Scotiabank dropped their price objective on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 1st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $20.89.

Myriad Genetics Trading Down 5.9 %

Shares of Myriad Genetics stock opened at $7.95 on Wednesday. Myriad Genetics has a 1 year low of $7.35 and a 1 year high of $29.30. The company has a 50 day simple moving average of $10.80 and a two-hundred day simple moving average of $15.11. The firm has a market cap of $725.91 million, a PE ratio of -6.12 and a beta of 1.87. 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 (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) 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 company had revenue of $210.60 million during the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. Analysts expect that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its stake in Myriad Genetics by 117.0% in the 4th quarter. Nordea Investment Management AB now owns 332,913 shares of the company’s stock valued at $4,548,000 after purchasing an additional 179,527 shares during the last quarter. Jennison Associates LLC boosted its holdings in Myriad Genetics by 144.2% in the 4th quarter. Jennison Associates LLC now owns 59,015 shares of the company’s stock valued at $809,000 after purchasing an additional 34,853 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Myriad Genetics by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 61,341 shares of the company’s stock worth $841,000 after purchasing an additional 3,711 shares during the period. Barclays PLC increased its position in shares of Myriad Genetics by 136.9% during the third quarter. Barclays PLC now owns 190,243 shares of the company’s stock valued at $5,210,000 after acquiring an additional 109,931 shares during the last quarter. Finally, State Street Corp increased its holdings in Myriad Genetics by 8.3% in 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 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.