Bank of America Cuts Myriad Genetics (NASDAQ:MYGN) Price Target to $13.00

Myriad Genetics (NASDAQ:MYGN) had its price target cut by Bank of America from $15.00 to $13.00 in a research note published on Friday,Benzinga reports. They currently have an underperform rating on the stock.

A number of other equities analysts have also weighed in on the company. Leerink Partnrs lowered Myriad Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 9th. Wells Fargo & Company assumed coverage on Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target on the stock. UBS Group assumed coverage on Myriad Genetics in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target on the stock. Morgan Stanley decreased their price target on Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. Finally, Leerink Partners lowered Myriad Genetics from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $30.00 to $21.00 in a research note on Monday, December 9th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $24.27.

Myriad Genetics Stock Performance

NASDAQ MYGN opened at $14.43 on Friday. The stock’s fifty day moving average is $18.82 and its two-hundred day moving average is $23.58. The firm has a market capitalization of $1.31 billion, a P/E ratio of -11.10 and a beta of 1.87. 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 fifty-two week low of $13.92 and a fifty-two week high of $29.30.

Insider Transactions at Myriad Genetics

In other news, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the sale, the chief executive officer now owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in MYGN. Franklin Resources Inc. grew its stake in Myriad Genetics by 8.8% during the 3rd quarter. Franklin Resources Inc. now owns 58,055 shares of the company’s stock worth $1,457,000 after buying an additional 4,710 shares during the last quarter. Geode Capital Management LLC grew its stake in Myriad Genetics by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,154,035 shares of the company’s stock worth $59,010,000 after buying an additional 21,220 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its stake in Myriad Genetics by 21.1% during the 3rd 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 last quarter. Barclays PLC grew its stake in Myriad Genetics by 136.9% during the 3rd quarter. Barclays PLC now owns 190,243 shares of the company’s stock worth $5,210,000 after buying an additional 109,931 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its stake in Myriad Genetics by 188.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 38,533 shares of the company’s stock worth $1,055,000 after buying an additional 25,179 shares during 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.