Guggenheim Downgrades Myriad Genetics (NASDAQ:MYGN) to Neutral

Guggenheim cut shares of Myriad Genetics (NASDAQ:MYGN) from a buy rating to a neutral rating in a research report sent to investors on Wednesday, Marketbeat reports.

Other analysts also recently issued research reports about the stock. Stephens reaffirmed an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. Scotiabank reduced their price target on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 1st. Raymond James reiterated an “outperform” rating and set a $19.00 price objective (down previously from $27.00) on shares of Myriad Genetics in a report on Tuesday, February 25th. Piper Sandler upgraded Myriad Genetics from a “neutral” rating to an “overweight” rating and raised their target price for the company from $11.50 to $12.50 in a research note on Wednesday, March 12th. Finally, StockNews.com lowered Myriad Genetics from a “buy” rating to a “hold” rating in a research report on Wednesday, April 2nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.89.

Myriad Genetics Trading Down 5.1 %

MYGN traded down $0.44 during trading on Wednesday, reaching $8.02. 319,068 shares of the stock traded hands, compared to its average volume of 894,831. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.05. The stock’s 50-day moving average is $10.90 and its 200 day moving average is $15.24. Myriad Genetics has a 12 month low of $7.35 and a 12 month high of $29.30. The stock has a market capitalization of $731.84 million, a PE ratio of -6.16 and a beta of 1.87.

Myriad Genetics (NASDAQ:MYGN) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.12). The business had revenue of $210.60 million for the quarter, compared to the consensus estimate of $210.35 million. Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. During the same quarter in the previous year, the company earned ($0.12) EPS. Equities analysts anticipate that Myriad Genetics will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Myriad Genetics

Several large investors have recently bought and sold shares of MYGN. D. E. Shaw & Co. Inc. raised its holdings in shares of Myriad Genetics by 58.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock valued at $24,950,000 after purchasing an additional 668,429 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Myriad Genetics by 377.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 549,456 shares of the company’s stock valued at $7,533,000 after buying an additional 434,420 shares during the last quarter. State Street Corp lifted its position in shares of Myriad Genetics by 8.3% during the 3rd quarter. State Street Corp now owns 4,703,442 shares of the company’s stock worth $128,827,000 after buying an additional 359,685 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Myriad Genetics by 13.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock worth $37,932,000 after buying an additional 336,770 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Myriad Genetics by 87.4% in the 4th quarter. Renaissance Technologies LLC now owns 684,874 shares of the company’s stock worth $9,390,000 after buying an additional 319,500 shares during the last quarter. 99.02% of the stock is currently 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.