Piper Sandler Issues Pessimistic Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its price objective trimmed by Piper Sandler from $30.00 to $24.00 in a report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts also recently issued reports about the company. TD Cowen lifted their target price on Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company initiated coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price target on the stock. Scotiabank upped their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 13th. JPMorgan Chase & Co. increased their target price on shares of Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley started coverage on shares of Myriad Genetics in a research report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.36.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock opened at $15.68 on Monday. The firm has a market capitalization of $1.43 billion, a P/E ratio of -12.06 and a beta of 1.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73. The company’s 50 day moving average price is $23.66 and its two-hundred day moving average price is $24.63. Myriad Genetics has a fifty-two week low of $15.53 and a fifty-two week high of $29.30.

Insider Buying and Selling

In related news, Director Colleen F. Reitan sold 46,012 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the transaction, the director now owns 42,533 shares of the company’s stock, valued at $1,188,797.35. The trade was a 51.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $22.93, for a total transaction of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares of the company’s stock, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 71,012 shares of company stock valued at $1,900,485. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Hedge funds have recently bought and sold shares of the stock. UniSuper Management Pty Ltd acquired a new stake in shares of Myriad Genetics in the first quarter worth approximately $467,000. Legato Capital Management LLC acquired a new stake in Myriad Genetics in the 2nd quarter valued at about $1,123,000. Assenagon Asset Management S.A. grew its holdings in Myriad Genetics by 26.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company’s stock worth $6,128,000 after acquiring an additional 52,813 shares in the last quarter. Maven Securities LTD acquired a new stake in Myriad Genetics in the second quarter valued at $1,223,000. Finally, Tidal Investments LLC purchased a new stake in shares of Myriad Genetics during the 1st quarter worth approximately $606,000. Hedge funds and other 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.