TD Cowen Forecasts Strong Price Appreciation for Myriad Genetics (NASDAQ:MYGN) Stock

Myriad Genetics (NASDAQ:MYGN) had its price target raised by stock analysts at TD Cowen from $8.00 to $9.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s target price points to a potential upside of 38.42% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Myriad Genetics in a research note on Tuesday, October 14th. UBS Group lifted their price target on Myriad Genetics from $6.00 to $8.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Cowen reaffirmed a “hold” rating on shares of Myriad Genetics in a research note on Tuesday. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Myriad Genetics presently has an average rating of “Hold” and a consensus target price of $12.25.

Myriad Genetics Stock Performance

NASDAQ:MYGN traded down $1.68 during mid-day trading on Tuesday, reaching $6.50. The stock had a trading volume of 1,803,073 shares, compared to its average volume of 1,626,962. The firm has a 50 day moving average price of $7.48 and a two-hundred day moving average price of $6.05. The stock has a market capitalization of $604.98 million, a P/E ratio of -1.52 and a beta of 1.97. Myriad Genetics has a one year low of $3.76 and a one year high of $19.60.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MYGN. EverSource Wealth Advisors LLC lifted its holdings in shares of Myriad Genetics by 2,333.3% during 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 in the last quarter. Farther Finance Advisors LLC increased its position in Myriad Genetics by 6,192.9% during the second quarter. Farther Finance Advisors LLC now owns 5,349 shares of the company’s stock valued at $28,000 after acquiring an additional 5,264 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Myriad Genetics by 407.3% during the second quarter. Nisa Investment Advisors LLC now owns 5,773 shares of the company’s stock valued at $31,000 after acquiring an additional 4,635 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Myriad Genetics during the second quarter valued at $37,000. Finally, PNC Financial Services Group Inc. increased its position in Myriad Genetics by 41.4% during the second quarter. PNC Financial Services Group Inc. now owns 8,967 shares of the company’s stock valued at $48,000 after acquiring an additional 2,625 shares during the last quarter. 99.02% of the stock is owned by institutional investors.

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.