Myriad Genetics (NASDAQ:MYGN) Price Target Raised to $9.00

Myriad Genetics (NASDAQ:MYGN) had its price objective raised by TD Cowen from $8.00 to $9.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other brokerages have also issued reports on MYGN. Cowen reissued a “hold” rating on shares of Myriad Genetics in a report on Tuesday. UBS Group increased their target price on Myriad Genetics from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Myriad Genetics in a research report on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and an average price target of $12.29.

Myriad Genetics Price Performance

MYGN stock opened at $6.33 on Tuesday. The business has a 50-day moving average price of $7.51 and a 200 day moving average price of $6.04. The company has a market capitalization of $588.97 million, a P/E ratio of -1.48 and a beta of 1.99. Myriad Genetics has a 1-year low of $3.76 and a 1-year high of $19.60.

Myriad Genetics (NASDAQ:MYGN) last issued its earnings results on Tuesday, January 16th. The company reported ($0.19) earnings per share (EPS) for the quarter. Myriad Genetics had a negative return on equity of 5.17% and a negative net margin of 47.45%.The business had revenue of $156.40 million for the quarter. Myriad Genetics has set its FY23 guidance at ($0.33)-($0.28) EPS. On average, analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Myriad Genetics by 2,333.3% in the second quarter. EverSource Wealth Advisors LLC now owns 4,672 shares of the company’s stock valued at $25,000 after purchasing an additional 4,480 shares during the period. Farther Finance Advisors LLC increased its holdings in Myriad Genetics by 6,192.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock worth $28,000 after buying an additional 5,264 shares during the period. Hantz Financial Services Inc. increased its holdings in Myriad Genetics by 1,088.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 4,089 shares of the company’s stock worth $30,000 after buying an additional 3,745 shares during the period. Nisa Investment Advisors LLC raised its position in Myriad Genetics by 407.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock worth $31,000 after buying an additional 4,635 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Myriad Genetics during the 2nd quarter valued at approximately $37,000. Hedge funds and other 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.