Myriad Genetics (NASDAQ:MYGN) Shares Down 6% – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN) shares dropped 6% during mid-day trading on Tuesday . The company traded as low as $13.41 and last traded at $13.42. 199,721 shares changed hands during trading, a decline of 75% from the average daily volume of 815,009 shares. The stock had previously closed at $14.28.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Stephens reiterated an “equal weight” rating and issued a $20.00 target price on shares of Myriad Genetics in a report on Thursday. StockNews.com raised shares of Myriad Genetics from a “hold” rating to a “buy” rating in a research report on Thursday, January 9th. Bank of America reduced their target price on Myriad Genetics from $15.00 to $13.00 and set an “underperform” rating for the company in a report on Friday, December 13th. Piper Sandler reduced their price objective on Myriad Genetics from $30.00 to $24.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Finally, Leerink Partners cut Myriad Genetics from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $30.00 to $21.00 in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.92.

Myriad Genetics Price Performance

The company has a market capitalization of $1.14 billion, a P/E ratio of -9.63 and a beta of 1.89. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.05. The business’s fifty day moving average price is $14.89 and its 200-day moving average price is $22.04.

Institutional Trading of Myriad Genetics

Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in Myriad Genetics in the third quarter worth $32,000. GAMMA Investing LLC boosted 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 period. Point72 DIFC Ltd bought a new stake in Myriad Genetics during the 2nd quarter valued at $60,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Myriad Genetics by 21.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock valued at $87,000 after buying an additional 583 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Myriad Genetics in the 2nd quarter worth $82,000. Institutional investors own 99.02% of the company’s stock.

About Myriad Genetics

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.