Myriad Genetics (NASDAQ:MYGN) Price Target Increased to $34.00 by Analysts at Scotiabank

Myriad Genetics (NASDAQ:MYGN) had its price objective raised by Scotiabank from $29.00 to $34.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other equities research analysts have also issued reports on MYGN. Jefferies Financial Group reissued an underperform rating and issued a $20.00 price objective (down previously from $25.00) on shares of Myriad Genetics in a research report on Monday, June 3rd. Piper Sandler increased their price target on Myriad Genetics from $28.00 to $30.00 and gave the company a neutral rating in a report on Tuesday. TD Cowen boosted their price objective on Myriad Genetics from $28.00 to $30.00 and gave the stock a hold rating in a research note on Wednesday, August 7th. Leerink Partnrs upgraded Myriad Genetics from a market perform rating to an outperform rating in a research note on Wednesday, May 8th. Finally, SVB Leerink upgraded Myriad Genetics from a market perform rating to an outperform rating and raised their target price for the company from $25.00 to $35.00 in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $27.10.

Myriad Genetics Stock Performance

NASDAQ:MYGN opened at $28.18 on Tuesday. Myriad Genetics has a fifty-two week low of $13.82 and a fifty-two week high of $28.90. The company has a market cap of $2.55 billion, a P/E ratio of -9.99 and a beta of 1.95. The company has a quick ratio of 1.82, a current ratio of 1.99 and a debt-to-equity ratio of 0.05. The firm’s 50 day moving average is $25.74 and its two-hundred day moving average is $23.17.

Myriad Genetics (NASDAQ:MYGN) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.06. Myriad Genetics had a negative return on equity of 6.77% and a negative net margin of 30.30%. The business had revenue of $211.50 million for the quarter, compared to analyst estimates of $206.44 million. During the same period in the previous year, the company posted ($0.21) EPS. The company’s revenue was up 15.3% compared to the same quarter last year. Analysts expect that Myriad Genetics will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other news, Director Daniel K. Spiegelman sold 3,788 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $22.04, for a total transaction of $83,487.52. Following the completion of the transaction, the director now directly owns 36,705 shares in the company, valued at approximately $808,978.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MYGN. Hexagon Capital Partners LLC boosted its holdings in Myriad Genetics by 75.3% in the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock worth $28,000 after purchasing an additional 491 shares during the period. Amalgamated Bank grew its position in shares of 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 buying an additional 692 shares during the last quarter. Ameritas Investment Partners Inc. raised its stake in Myriad Genetics by 9.0% during the first quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock worth $186,000 after acquiring an additional 720 shares during the period. Arizona State Retirement System lifted its holdings in Myriad Genetics by 3.4% in the second 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 last quarter. Finally, Federated Hermes Inc. boosted its stake in Myriad Genetics by 1.5% in the second quarter. Federated Hermes Inc. now owns 56,807 shares of the company’s stock valued at $1,389,000 after acquiring an additional 846 shares during the period. 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.