Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low on Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price hit a new 52-week low during trading on Tuesday after StockNews.com downgraded the stock from a buy rating to a hold rating. The company traded as low as $8.53 and last traded at $8.87, with a volume of 1095635 shares trading hands. The stock had previously closed at $8.88.

Other equities research analysts also recently issued research reports about the company. The Goldman Sachs Group decreased their price objective on Myriad Genetics from $29.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, January 28th. Craig Hallum began coverage on shares of Myriad Genetics in a research note on Wednesday, February 12th. They set a “buy” rating and a $29.00 price target for the company. UBS Group dropped their price objective on shares of Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 25th. Raymond James reissued an “outperform” rating and set a $19.00 target price (down from $27.00) on shares of Myriad Genetics in a research report on Tuesday, February 25th. Finally, Leerink Partners cut shares of Myriad Genetics from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $30.00 to $21.00 in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $20.89.

Institutional Trading of Myriad Genetics

A number of hedge funds have recently bought and sold shares of MYGN. Charles Schwab Investment Management Inc. grew its stake in Myriad Genetics by 4.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,083,302 shares of the company’s stock valued at $29,672,000 after purchasing an additional 41,374 shares during the period. FMR LLC boosted its holdings in shares of Myriad Genetics by 23.6% in the 3rd quarter. FMR LLC now owns 69,822 shares of the company’s stock worth $1,912,000 after buying an additional 13,319 shares during the last quarter. Quantbot Technologies LP bought a new position in Myriad Genetics during the third quarter valued at about $153,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Myriad Genetics by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 198,256 shares of the company’s stock worth $5,430,000 after buying an additional 18,446 shares during the last quarter. Finally, Verition Fund Management LLC raised its position in Myriad Genetics by 946.9% in the third quarter. Verition Fund Management LLC now owns 88,903 shares of the company’s stock worth $2,435,000 after acquiring an additional 80,411 shares during the period. 99.02% of the stock is currently owned by institutional investors.

Myriad Genetics Trading Down 0.5 %

The stock’s 50 day simple moving average is $11.54 and its two-hundred day simple moving average is $16.12. The stock has a market capitalization of $803.52 million, a PE ratio of -6.77 and a beta of 1.79. 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 posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.12). Myriad Genetics had a negative net margin of 14.09% and a negative return on equity of 4.51%. The firm had revenue of $210.60 million during the quarter, compared to analysts’ expectations of $210.35 million. During the same quarter in the previous year, the company posted ($0.12) EPS. On average, sell-side analysts expect that Myriad Genetics, Inc. will post -0.3 EPS for the current year.

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.