Myriad Genetics Receives Equal Weight Rating from Stephens

Myriad Genetics (NASDAQ:MYGN) saw its stock rated as "equal weight" by analysts at Stephens in a recent report. This assessment was made public on Thursday, with a target price of $20.00 set for the shares. This target indicates a significant potential upside of around 60.9% from the closing price of the stock prior to the announcement.

In addition to Stephens, various other research firms have recently provided their evaluations of Myriad Genetics. For instance, Morgan Stanley adjusted its target price for the company's shares from $32.00 to $21.00, maintaining an "equal weight" rating. This revision was shared on November 18. Additionally, the UBS Group, which started its coverage of Myriad Genetics on December 10, has set a "neutral" rating with a price target of $18.00.

Moreover, Bank of America revised its target price for Myriad's shares, reducing it from $15.00 to $13.00, and designated an "underperform" rating in a note published on December 13. In contrast, StockNews.com upgraded Myriad Genetics from a "hold" to a "buy" rating earlier this month. Meanwhile, Leerink Partners lowered its recommendation from "strong-buy" to "hold".

Currently, the stock has received mixed ratings with three analysts suggesting a sell, seven giving a hold rating, and four recommending a buy. According to MarketBeat, the consensus rating for Myriad Genetics stands at "Hold," with an average price target noted at $23.92.

Recent Stock Performance

During mid-day trading on Thursday, shares of Myriad Genetics dipped by $0.72, reaching a price of $12.43. The volume of shares traded was 228,552, which is lower than the average trading volume of 839,636 for the stock. Myriad Genetics has recorded a quick ratio of 1.73 and a current ratio of 1.90, along with a relatively low debt-to-equity ratio of 0.05. Over the past 50 days, the stock has maintained an average price of $14.89, while its 200-day moving average is at $22.04. The company has a market capitalization of $1.13 billion and a PE ratio of -9.56, with a beta of 1.89. Myriad Genetics has experienced a fifty-two week price range, with a low of $12.17 and a high of $29.30.

Institutional Investor Activity

A number of institutional investors have recently adjusted their holdings in Myriad Genetics. Notably, American Century Companies Inc. raised its stake in Myriad by 8.2% during the second quarter, now owning 50,805 shares valued at approximately $1.24 million. Federated Hermes Inc. also increased its holdings by 1.5%, with a total of 56,807 shares now in their possession.

Envestnet Asset Management Inc. boosted its position by 14.5% in the same quarter, totaling 77,774 shares worth $1.90 million. Dimensional Fund Advisors LP also upped its stake by 2.8%, now owning nearly 2.78 million shares valued at around $67.92 million. In addition, HSBC Holdings PLC made a new investment in Myriad during the second quarter, amounting to approximately $680,000. Overall, institutional and hedge funds hold 99.02% of the company's stock.

Company Overview

Myriad Genetics, Inc. is a prominent firm specializing in genetic testing and precision medicine. The company develops a range of genetic tests for application in oncology, women's health, and pharmacogenomics. Among its offerings are the MyRisk Hereditary Cancer Test, which evaluates risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, which helps determine treatment for patients with certain types of cancer; and MyChoice CDx Companion Diagnostic Test, used to assess homologous recombination deficiency status in ovarian cancer patients.

Myriad, Genetics, Stock, Investment, Analysts