Myriad Genetics (NASDAQ:MYGN) Upgraded to Neutral at Piper Sandler

Key Points

• Piper Sandler upgraded Myriad Genetics to “neutral” from “underweight” and set a $5.00 price target, implying 13.13% downside from the stock’s current price.
• Myriad Genetics shares surged 36.7% to $5.76 on heavy trading volume, while analysts overall maintain a consensus “hold” rating with an average target of $4.52.
• The company reported weak quarterly results, missing EPS and revenue estimates, with revenue down 10.5% year over year and a negative net margin; institutional investors nevertheless own 99.02% of its stock.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) was upgraded by stock analysts at Piper Sandler from an "underweight" rating to a "neutral" rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a $5.00 target price on the stock. Piper Sandler's target price suggests a potential downside of 13.13% from the company's current price.

A number of other research analysts have also issued reports on the stock. TD Cowen increased their target price on shares of Myriad Genetics from $4.00 to $4.50 and gave the stock a "hold" rating in a research report on Tuesday, October 13th. UBS Group initiated coverage on shares of Myriad Genetics in a report on Wednesday, September 9th. They set a "neutral" rating and a $3.60 price target on the stock. Stephens decreased their target price on shares of Myriad Genetics from $5.00 to $3.00 and set an "equal weight" rating on the stock in a research note on Tuesday, August 18th. Wells Fargo & Company cut their price objective on Myriad Genetics from $5.50 to $3.00 and set an "equal weight" rating on the stock in a report on Monday, August 3rd. Finally, Wall Street Zen lowered Myriad Genetics from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $4.52.

Myriad Genetics Stock Up 36.7%

MYGN stock traded up $1.55 during trading hours on Tuesday, reaching $5.76. 19,372,363 shares of the stock were exchanged, compared to its average volume of 1,839,529. The firm's 50-day moving average is $3.68 and its 200-day moving average is $4.36. Myriad Genetics has a 12 month low of $2.74 and a 12 month high of $8.50. The company has a market cap of $550.56 million, a price-to-earnings ratio of -4.84 and a beta of 1.64. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.21 and a quick ratio of 1.98.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.19). The business had revenue of $190.70 million during the quarter, compared to analyst estimates of $206.03 million. Myriad Genetics had a negative net margin of 13.96% and a negative return on equity of 16.09%. Myriad Genetics's revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the business earned $0.05 earnings per share. On average, equities research analysts expect that Myriad Genetics will post -0.99 earnings per share for the current year.

Institutional Trading of Myriad Genetics

Several hedge funds have recently bought and sold shares of MYGN. Allworth Financial LP acquired a new stake in shares of Myriad Genetics in the 2nd quarter worth about $25,000. Integrated Wealth Concepts LLC purchased a new position in Myriad Genetics during the 2nd quarter worth $54,000. Hsbc Holdings PLC bought a new position in shares of Myriad Genetics during the second quarter valued at about $61,000. E Fund Management Co. Ltd. purchased a new stake in Myriad Genetics in the 2nd quarter valued at about $67,000. Finally, Pallas Capital Advisors LLC purchased a new stake in Myriad Genetics in the 2nd quarter valued at about $69,000. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Company Profile

Myriad Genetics, Inc is a molecular diagnostics company that develops and provides genetic tests designed to help healthcare professionals assess disease risk, guide treatment decisions and support patient care. The company serves physicians, hospitals, health systems, biopharmaceutical companies and patients, with a focus on areas including oncology, women's health and mental health.

Its portfolio includes hereditary cancer testing, such as the MyRisk Hereditary Cancer test; tumor profiling and companion diagnostic services used to help inform cancer treatment; prenatal and carrier screening tests, including Prequel and Foresight; and pharmacogenomic testing, including GeneSight, which is intended to help clinicians evaluate how a patient may respond to certain psychiatric medications.

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