Bank of America Cuts Myriad Genetics (NASDAQ:MYGN) Price Target to $13.00

Myriad Genetics (NASDAQ:MYGN) had its price objective lowered by equities research analysts at Bank of America from $15.00 to $13.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price objective points to a potential downside of 7.87% from the stock’s previous close.

Several other analysts have also recently issued reports on MYGN. Wells Fargo & Company began coverage on Myriad Genetics in a report on Tuesday, August 27th. They set an “overweight” rating and a $35.00 price objective on the stock. Piper Sandler decreased their target price on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. UBS Group assumed coverage on Myriad Genetics in a research report on Tuesday. They set a “neutral” rating and a $18.00 price objective on the stock. Leerink Partnrs cut Myriad Genetics from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, StockNews.com downgraded Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Myriad Genetics currently has a consensus rating of “Hold” and a consensus target price of $24.46.

Myriad Genetics Price Performance

Shares of NASDAQ:MYGN traded down $0.39 during midday trading on Friday, reaching $14.11. 325,370 shares of the company were exchanged, compared to its average volume of 754,302. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The stock has a market cap of $1.28 billion, a PE ratio of -10.79 and a beta of 1.87. Myriad Genetics has a one year low of $13.92 and a one year high of $29.30. The business’s fifty day moving average is $19.06 and its two-hundred day moving average is $23.63.

Insider Transactions at Myriad Genetics

In related news, CEO Paul J. Diaz sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the completion of the transaction, the chief executive officer now owns 962,378 shares of the company’s stock, valued at $22,067,327.54. The trade was a 1.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its position in shares of Myriad Genetics by 26.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 250,524 shares of the company’s stock worth $6,128,000 after buying an additional 52,813 shares during the last quarter. Blue Trust Inc. increased its position in shares of Myriad Genetics by 26.6% during the second quarter. Blue Trust Inc. now owns 11,259 shares of the company’s stock worth $275,000 after purchasing an additional 2,365 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Myriad Genetics during the second quarter worth $85,000. Fifth Third Bancorp lifted its holdings in shares of Myriad Genetics by 1.4% during the 2nd quarter. Fifth Third Bancorp now owns 81,754 shares of the company’s stock valued at $2,000,000 after purchasing an additional 1,139 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in Myriad Genetics by 3.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 45,500 shares of the company’s stock worth $1,113,000 after buying an additional 1,700 shares during the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.

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.