Myriad Genetics (NASDAQ:MYGN) Given New $21.00 Price Target at Morgan Stanley

Myriad Genetics (NASDAQ:MYGN) had its target price reduced by Morgan Stanley from $32.00 to $21.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their target price on Myriad Genetics from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Scotiabank raised their price objective on Myriad Genetics from $29.00 to $34.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 13th. StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Wells Fargo & Company initiated coverage on shares of Myriad Genetics in a research note on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target for the company. Finally, Piper Sandler dropped their price objective on shares of Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Myriad Genetics presently has a consensus rating of “Hold” and a consensus price target of $27.36.

Myriad Genetics Price Performance

MYGN stock opened at $15.12 on Monday. The firm has a 50-day moving average of $22.50 and a 200 day moving average of $24.48. 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 has a market cap of $1.38 billion, a P/E ratio of -11.63 and a beta of 1.93. Myriad Genetics has a 1 year low of $14.72 and a 1 year high of $29.30.

Insider Buying and Selling

In related news, Director Heinrich Dreismann sold 10,000 shares of Myriad Genetics stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $27.05, for a total value of $270,500.00. Following the completion of the sale, the director now directly owns 121,648 shares in the company, valued at approximately $3,290,578.40. This trade represents a 7.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were 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 in the company, valued at $22,067,327.54. This represents a 1.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,012 shares of company stock worth $1,900,485 in the last three months. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Myriad Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its stake in shares of Myriad Genetics by 8.2% during the 1st quarter. Swiss National Bank now owns 174,700 shares of the company’s stock valued at $3,725,000 after purchasing an additional 13,300 shares during the period. ProShare Advisors LLC grew its position in Myriad Genetics by 14.2% during the first quarter. ProShare Advisors LLC now owns 23,993 shares of the company’s stock valued at $512,000 after buying an additional 2,990 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Myriad Genetics by 8.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 25,107 shares of the company’s stock valued at $583,000 after buying an additional 2,050 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Myriad Genetics by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,035,708 shares of the company’s stock worth $213,961,000 after acquiring an additional 81,475 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Myriad Genetics by 9.0% during the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after acquiring an additional 720 shares during the period. 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.