Morgan Stanley Has Lowered Expectations for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its price objective lowered by Morgan Stanley from $32.00 to $21.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 37.70% from the stock’s previous close.

A number of other analysts have also recently commented on the company. StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upped their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Piper Sandler dropped their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. TD Cowen increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Scotiabank increased their price target on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.36.

Myriad Genetics Stock Down 2.7 %

Myriad Genetics stock opened at $15.25 on Monday. The stock has a market cap of $1.39 billion, a PE ratio of -11.73 and a beta of 1.93. 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 has a one year low of $15.18 and a one year high of $29.30. The stock has a fifty day moving average of $23.43 and a 200 day moving average of $24.67.

Insider Buying and Selling at Myriad Genetics

In other Myriad Genetics news, Director Heinrich Dreismann sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $27.05, for a total transaction of $270,500.00. Following the sale, the director now directly owns 121,648 shares in the company, valued at $3,290,578.40. This represents a 7.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Paul J. Diaz sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the sale, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,012 shares of company stock worth $1,900,485 over the last ninety days. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Myriad Genetics by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock valued at $213,961,000 after purchasing an additional 81,475 shares during the period. State Street Corp raised its holdings in shares of Myriad Genetics by 8.3% in the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after buying an additional 359,685 shares during the period. Earnest Partners LLC raised its holdings in shares of Myriad Genetics by 3.5% in the second quarter. Earnest Partners LLC now owns 4,072,018 shares of the company’s stock worth $99,602,000 after buying an additional 138,960 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Myriad Genetics by 2.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,776,959 shares of the company’s stock worth $67,924,000 after buying an additional 75,445 shares during the period. Finally, Disciplined Growth Investors Inc. MN raised its holdings in shares of Myriad Genetics by 21.1% in the third 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. 99.02% of the stock is currently 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.