Stephens Issues Positive Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Key Points

• Stephens raised Myriad Genetics’ price target from $3 to $6, while maintaining an “equal weight” rating; the new target implies about 4.9% upside.
• Analyst sentiment is mostly neutral: Myriad has an average “Hold” rating and a consensus price target of $5.98, with one Buy, seven Hold, and one Sell rating.
• In its latest quarter, the company beat expectations, reporting a loss of $0.11 per share versus the $0.20 loss forecast and revenue of $202.7 million versus estimates of $191.33 million.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) had its target price lifted by stock analysts at Stephens from $3.00 to $6.00 in a report issued on Thursday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Stephens's price target points to a potential upside of 4.90% from the stock's current price.

Several other research analysts have also commented on MYGN. Wall Street Zen upgraded shares of Myriad Genetics from a "sell" rating to a "hold" rating in a research note on Saturday, November 7th. Wells Fargo & Company set a $4.50 price objective on shares of Myriad Genetics in a research note on Tuesday, October 20th. Piper Sandler raised shares of Myriad Genetics from an "underweight" rating to a "neutral" rating and set a $5.00 price objective on the stock in a report on Tuesday, October 20th. Zacks Research upgraded shares of Myriad Genetics from a "strong sell" rating to a "hold" rating in a research note on Thursday, October 15th. Finally, UBS Group assumed coverage on shares of Myriad Genetics in a research note on Wednesday, September 9th. They issued a "neutral" rating and a $3.60 price objective on the stock. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Myriad Genetics presently has an average rating of "Hold" and an average price target of $5.98.

Myriad Genetics Price Performance

MYGN opened at $5.72 on Thursday. The firm has a market capitalization of $548.66 million, a PE ratio of -4.21 and a beta of 1.62. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.98 and a quick ratio of 1.77. The business's 50-day moving average is $4.65 and its two-hundred day moving average is $4.62. Myriad Genetics has a 1 year low of $2.74 and a 1 year high of $8.09.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.09. Myriad Genetics had a negative net margin of 16.07% and a negative return on equity of 19.87%. The business had revenue of $202.70 million during the quarter, compared to analyst estimates of $191.33 million. Research analysts anticipate that Myriad Genetics will post -0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently made changes to their positions in the company. Royce & Associates LP increased its holdings in Myriad Genetics by 86.4% in the third quarter. Royce & Associates LP now owns 21,904 shares of the company's stock valued at $94,000 after buying an additional 10,156 shares in the last quarter. Vise Technologies Inc. purchased a new stake in shares of Myriad Genetics during the 3rd quarter worth about $117,000. State of Wyoming boosted its stake in shares of Myriad Genetics by 9.5% during the 3rd quarter. State of Wyoming now owns 117,979 shares of the company's stock worth $508,000 after acquiring an additional 10,196 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in shares of Myriad Genetics during the 3rd quarter worth about $44,000. Finally, Williams & Novak Wealth Management LLC acquired a new stake in shares of Myriad Genetics during the 3rd quarter valued at about $67,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

Myriad Genetics Company Profile

Myriad Genetics, Inc. is a molecular diagnostics company that develops and provides genetic tests to help inform healthcare decisions. Its offerings include tests for hereditary cancer risk, tumor biology and prognosis, reproductive health, and how patients may respond to certain medications. Its products include MyRisk, which assesses inherited cancer risk; GeneSight, a pharmacogenomic test intended to help guide psychiatric medication decisions; and Prolaris, which helps assess the aggressiveness of prostate cancer.

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