Myriad Genetics (NASDAQ:MYGN) Cut to “Neutral” at Guggenheim

Guggenheim lowered shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a neutral rating in a report issued on Wednesday morning, MarketBeat.com reports.

MYGN has been the topic of a number of other research reports. Scotiabank decreased their price target on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 1st. Bank of America lowered their price target on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating on the stock in a research report on Monday, March 3rd. Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $11.50 to $12.50 in a research note on Wednesday, March 12th. The Goldman Sachs Group reduced their price objective on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Finally, Raymond James restated an “outperform” rating and issued a $19.00 target price (down previously from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.89.

Myriad Genetics Trading Up 0.6 %

Shares of MYGN stock opened at $8.00 on Wednesday. The company has a market capitalization of $730.47 million, a PE ratio of -6.15 and a beta of 1.87. Myriad Genetics has a 52-week low of $7.35 and a 52-week high of $29.30. The business’s fifty day moving average is $10.71 and its 200 day moving average is $14.98. 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 (NASDAQ:MYGN) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The business had revenue of $210.60 million during the quarter, compared to analysts’ expectations of $210.35 million. During the same period in the previous year, the business earned ($0.12) EPS. On average, equities research analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. D. E. Shaw & Co. Inc. raised its holdings in Myriad Genetics by 58.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock valued at $24,950,000 after buying an additional 668,429 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Myriad Genetics by 377.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock valued at $7,533,000 after acquiring an additional 434,420 shares during the period. State Street Corp raised its stake in shares of Myriad Genetics by 8.3% during the third quarter. State Street Corp now owns 4,703,442 shares of the company’s stock valued at $128,827,000 after acquiring an additional 359,685 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Myriad Genetics by 13.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after purchasing an additional 336,770 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Myriad Genetics by 87.4% during the fourth quarter. Renaissance Technologies LLC now owns 684,874 shares of the company’s stock worth $9,390,000 after purchasing an additional 319,500 shares during the period. Institutional investors 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.