Scotiabank Cuts Myriad Genetics (NASDAQ:MYGN) Price Target to $20.00

Myriad Genetics (NASDAQ:MYGN) had its target price lowered by Scotiabank from $24.00 to $20.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other equities analysts also recently issued reports on the company. StockNews.com upgraded Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Tuesday, March 25th. The Goldman Sachs Group reduced their price target on shares of Myriad Genetics from $29.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, January 28th. Craig Hallum initiated coverage on shares of Myriad Genetics in a research report on Wednesday, February 12th. They issued a “buy” rating and a $29.00 price objective for the company. Raymond James reiterated an “outperform” rating and set a $19.00 target price (down from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Finally, UBS Group lowered their price target on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Myriad Genetics currently has an average rating of “Hold” and a consensus price target of $20.89.

Myriad Genetics Stock Down 4.4 %

MYGN opened at $8.41 on Tuesday. The firm has a market cap of $767.91 million, a price-to-earnings ratio of -6.47 and a beta of 1.79. 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 firm’s 50-day simple moving average is $11.46 and its 200-day simple moving average is $16.07. Myriad Genetics has a twelve month low of $8.11 and a twelve month high of $29.30.

Myriad Genetics (NASDAQ:MYGN) last issued its quarterly earnings data 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 return on equity of 4.51% and a negative net margin of 14.09%. The firm had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. During the same period in the prior year, the company posted ($0.12) earnings per share. Equities research analysts anticipate that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

A number of institutional investors and hedge funds have recently modified their holdings of MYGN. Point72 Hong Kong Ltd acquired a new position in Myriad Genetics in the third quarter valued at about $32,000. Sterling Capital Management LLC boosted its holdings 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 buying an additional 2,556 shares during the last quarter. KBC Group NV grew its position in shares of Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock valued at $80,000 after acquiring an additional 3,334 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Myriad Genetics by 43.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,833 shares of the company’s stock worth $132,000 after purchasing an additional 1,471 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Myriad Genetics in the 3rd quarter valued at about $153,000. 99.02% of the stock is owned by institutional investors.

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.