Myriad Genetics, Inc. (NASDAQ:MYGN) Receives $14.38 Average Target Price from Brokerages

Shares of Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) have been assigned a consensus recommendation of "Hold" from the sixteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $14.38.

A number of brokerages recently commented on MYGN. Wells Fargo & Company lowered Myriad Genetics from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $22.00 to $6.00 in a research note on Wednesday, May 7th. Wolfe Research downgraded Myriad Genetics from an "outperform" rating to a "peer perform" rating in a report on Thursday, May 8th. Scotiabank downgraded Myriad Genetics from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $20.00 to $6.00 in a report on Wednesday, May 21st. Raymond James Financial reiterated an "outperform" rating and issued a $10.00 price objective (down previously from $19.00) on shares of Myriad Genetics in a report on Wednesday, May 7th. Finally, Guggenheim downgraded Myriad Genetics from a "buy" rating to a "neutral" rating in a report on Wednesday, April 9th.

Myriad Genetics Trading Down 2.9%

Shares of NASDAQ:MYGN traded down $0.16 during trading on Thursday, reaching $5.34. 888,124 shares of the company traded hands, compared to its average volume of 1,269,855. The firm has a market capitalization of $492.24 million, a price-to-earnings ratio of -4.77 and a beta of 1.91. Myriad Genetics has a 52-week low of $3.81 and a 52-week high of $29.30. The company has a current ratio of 1.90, a quick ratio of 1.71 and a debt-to-equity ratio of 0.08. The business's fifty day moving average is $4.90 and its 200-day moving average is $8.88.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. Myriad Genetics had a negative return on equity of 4.95% and a negative net margin of 12.20%. The company had revenue of $195.90 million during the quarter, compared to analyst estimates of $200.37 million. During the same quarter last year, the firm posted ($0.01) earnings per share. The firm's revenue was down 33.6% on a year-over-year basis. As a group, analysts forecast that Myriad Genetics will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Myriad Genetics

Institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC increased its holdings in Myriad Genetics by 3.0% in the 1st quarter. Jennison Associates LLC now owns 60,811 shares of the company's stock worth $539,000 after buying an additional 1,796 shares in the last quarter. Swiss National Bank increased its holdings in Myriad Genetics by 1.0% in the 4th quarter. Swiss National Bank now owns 178,600 shares of the company's stock worth $2,449,000 after buying an additional 1,800 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Myriad Genetics by 0.4% in the 4th quarter. Bank of New York Mellon Corp now owns 646,003 shares of the company's stock worth $8,857,000 after buying an additional 2,256 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock worth $39,000 after buying an additional 2,556 shares in the last quarter. Finally, Natixis Advisors LLC boosted its position in Myriad Genetics by 1.3% in the first quarter. Natixis Advisors LLC now owns 212,138 shares of the company's stock worth $1,882,000 after purchasing an additional 2,810 shares during the last quarter. 99.02% of the stock is currently owned by 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.