The Goldman Sachs Group Issues Pessimistic Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its price objective cut by stock analysts at The Goldman Sachs Group from $29.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 43.54% from the stock’s previous close.

A number of other research analysts have also commented on the company. Bank of America cut their price target on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a report on Friday, December 13th. UBS Group initiated coverage on shares of Myriad Genetics in a report on Tuesday, December 10th. They issued a “neutral” rating and a $18.00 price target for the company. Morgan Stanley cut their price objective on shares of Myriad Genetics from $32.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. StockNews.com raised Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday, January 9th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $20.00 price target on shares of Myriad Genetics in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $22.83.

Myriad Genetics Price Performance

Shares of NASDAQ:MYGN opened at $12.54 on Tuesday. The stock has a market capitalization of $1.14 billion, a P/E ratio of -9.65 and a beta of 1.89. The business has a 50-day moving average of $14.19 and a two-hundred day moving average of $21.16. Myriad Genetics has a fifty-two week low of $12.04 and a fifty-two week high of $29.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Thursday, November 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.08). The firm had revenue of $213.30 million during the quarter, compared to the consensus estimate of $209.82 million. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. During the same quarter last year, the business earned ($0.17) EPS. On average, equities research analysts predict that Myriad Genetics will post -0.28 EPS for the current fiscal year.

Institutional Trading of Myriad Genetics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd bought a new stake in Myriad Genetics during the 3rd quarter worth about $32,000. GAMMA Investing LLC grew its stake in shares of Myriad Genetics by 34.1% during the third quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock valued at $44,000 after purchasing an additional 412 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Myriad Genetics in the second quarter valued at approximately $60,000. KBC Group NV raised its position in Myriad Genetics by 132.8% in the 4th quarter. KBC Group NV now owns 5,845 shares of the company’s stock worth $80,000 after purchasing an additional 3,334 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Myriad Genetics during the 2nd quarter worth $82,000. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.