Scotiabank Downgrades Myriad Genetics (NASDAQ:MYGN) to Sector Perform

Myriad Genetics (NASDAQ:MYGN - Get Free Report) was downgraded by equities researchers at Scotiabank from a "sector outperform" rating to a "sector perform" rating in a research report issued to clients and investors on Wednesday,Finviz reports. They presently have a $6.00 target price on the stock. Scotiabank's price target suggests a potential upside of 34.83% from the company's current price.

Several other equities research analysts have also recently commented on MYGN. Wolfe Research cut Myriad Genetics from an "outperform" rating to a "peer perform" rating in a research note on Thursday, May 8th. UBS Group dropped their target price on shares of Myriad Genetics from $16.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Piper Sandler lowered their price objective on shares of Myriad Genetics from $12.50 to $9.00 and set an "overweight" rating on the stock in a research report on Thursday, May 15th. Bank of America dropped their price objective on shares of Myriad Genetics from $13.00 to $11.00 and set an "underperform" rating on the stock in a report on Monday, March 3rd. Finally, Raymond James reissued an "outperform" rating and issued a $10.00 price target (down from $19.00) on shares of Myriad Genetics in a report on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Myriad Genetics has a consensus rating of "Hold" and a consensus target price of $14.79.

Myriad Genetics Stock Performance

MYGN stock opened at $4.45 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The stock has a market capitalization of $410.19 million, a price-to-earnings ratio of -3.42 and a beta of 2.01. The stock's fifty day moving average is $7.52 and its two-hundred day moving average is $11.66. Myriad Genetics has a 1 year low of $3.81 and a 1 year high of $29.30.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The company had revenue of $195.90 million for the quarter, compared to analyst estimates of $200.37 million. During the same period last year, the company earned ($0.01) earnings per share. The business's revenue was down 33.6% compared to the same quarter last year. On average, research analysts predict that Myriad Genetics will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC boosted its position in shares of Myriad Genetics by 829.9% in the 4th quarter. Sterling Capital Management LLC now owns 2,864 shares of the company's stock valued at $39,000 after purchasing an additional 2,556 shares during the period. GAMMA Investing LLC raised its stake in shares of Myriad Genetics by 520.8% in the first quarter. GAMMA Investing LLC now owns 4,470 shares of the company's stock valued at $40,000 after acquiring an additional 3,750 shares during the last quarter. State of Wyoming raised its holdings in Myriad Genetics by 147.0% during the 1st quarter. State of Wyoming now owns 8,641 shares of the company's stock worth $77,000 after purchasing an additional 5,143 shares during the last quarter. KBC Group NV increased its holdings in Myriad Genetics by 132.8% in the fourth quarter. KBC Group NV now owns 5,845 shares of the company's stock valued at $80,000 after purchasing an additional 3,334 shares during the last quarter. Finally, CWM LLC lifted its holdings in Myriad Genetics by 600.2% during the first quarter. CWM LLC now owns 9,796 shares of the company's stock worth $87,000 after acquiring an additional 8,397 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company's stock.

Myriad Genetics Company Profile

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.

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