Wells Fargo & Company Downgrades Myriad Genetics (NASDAQ:MYGN) to Equal Weight

Wells Fargo & Company lowered shares of Myriad Genetics (NASDAQ:MYGN) from an overweight rating to an equal weight rating in a research note released on Wednesday, MarketBeat.com reports. The firm currently has $6.00 price objective on the stock, down from their prior price objective of $22.00.

Other equities analysts have also recently issued reports about the stock. Bank of America dropped their price target on shares of Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research note on Monday, March 3rd. Scotiabank dropped their target price on Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 1st. Craig Hallum assumed coverage on Myriad Genetics in a report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price target on the stock. Piper Sandler raised shares of Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Finally, Raymond James reiterated an “outperform” rating and issued a $19.00 price target (down previously from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $16.04.

Myriad Genetics Stock Down 3.5 %

Shares of MYGN stock opened at $3.89 on Wednesday. The stock has a market cap of $358.55 million, a P/E ratio of -2.99 and a beta of 2.01. The company’s fifty day simple moving average is $8.35 and its two-hundred day simple moving average is $12.57. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. Myriad Genetics has a 52 week low of $3.86 and a 52 week high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. 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 previous year, the business posted ($0.01) earnings per share. Myriad Genetics’s quarterly revenue was down 33.6% on a year-over-year basis. Analysts predict that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

Large investors have recently made changes to their positions in the business. D. E. Shaw & Co. Inc. raised its stake in shares of Myriad Genetics by 58.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock valued at $24,950,000 after buying an additional 668,429 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Myriad Genetics by 377.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock valued at $7,533,000 after acquiring an additional 434,420 shares in the last quarter. Artisan Partners Limited Partnership lifted its holdings in Myriad Genetics by 13.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock valued at $37,932,000 after acquiring an additional 336,770 shares during the period. Renaissance Technologies LLC boosted its position in Myriad Genetics by 87.4% in the 4th quarter. Renaissance Technologies LLC now owns 684,874 shares of the company’s stock worth $9,390,000 after purchasing an additional 319,500 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position in Myriad Genetics by 50.2% in the 4th quarter. Fisher Asset Management LLC now owns 905,209 shares of the company’s stock worth $12,410,000 after purchasing an additional 302,367 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.