Piper Sandler Boosts Myriad Genetics (NASDAQ:MYGN) Price Target to $30.00

Myriad Genetics (NASDAQ:MYGN) had its price target hoisted by Piper Sandler from $28.00 to $30.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other brokerages have also recently weighed in on MYGN. Scotiabank initiated coverage on Myriad Genetics in a research report on Thursday, June 27th. They issued a sector outperform rating and a $29.00 price target for the company. TD Cowen lifted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the company a hold rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on Myriad Genetics from $17.00 to $20.00 and gave the company an underweight rating in a research note on Wednesday, August 7th. Leerink Partnrs raised Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Finally, SVB Leerink raised Myriad Genetics from a market perform rating to an outperform rating and lifted their price objective for the company from $25.00 to $35.00 in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $27.10.

Myriad Genetics Stock Performance

Shares of MYGN traded up $0.10 on Tuesday, reaching $27.95. 42,372 shares of the company’s stock traded hands, compared to its average volume of 728,218. The company has a current ratio of 1.99, a quick ratio of 1.82 and a debt-to-equity ratio of 0.05. The stock’s 50 day simple moving average is $25.74 and its two-hundred day simple moving average is $23.17. Myriad Genetics has a 52-week low of $13.82 and a 52-week high of $28.90. The stock has a market cap of $2.53 billion, a PE ratio of -9.88 and a beta of 1.95.

Myriad Genetics (NASDAQ:MYGN) last released its earnings results on Tuesday, August 6th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. The business had revenue of $211.50 million during the quarter, compared to the consensus estimate of $206.44 million. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the business posted ($0.21) earnings per share. On average, analysts forecast that Myriad Genetics will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $22.04, for a total value of $83,487.52. Following the completion of the sale, the director now owns 36,705 shares of the company’s stock, valued at approximately $808,978.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC increased its holdings in Myriad Genetics by 75.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after purchasing an additional 491 shares during the period. Amalgamated Bank increased its holdings in Myriad Genetics by 2.2% during the 4th quarter. Amalgamated Bank now owns 32,359 shares of the company’s stock valued at $619,000 after purchasing an additional 692 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Myriad Genetics by 9.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after purchasing an additional 720 shares during the period. Arizona State Retirement System grew its holdings in shares of Myriad Genetics by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 25,160 shares of the company’s stock worth $615,000 after acquiring an additional 829 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of Myriad Genetics by 1.5% during the 2nd quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock worth $1,389,000 after acquiring an additional 846 shares during the period. Institutional investors own 99.02% of the company’s stock.

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.