Myriad Genetics (NASDAQ:MYGN) Hits New 12-Month Low After Analyst Downgrade

Myriad Genetics, Inc. (NASDAQ:MYGN)’s share price hit a new 52-week low 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. The stock had previously closed at $8.88.

Several other equities research analysts have also recently issued reports on MYGN. Scotiabank decreased their target price on shares of Myriad Genetics from $24.00 to $20.00 and set a “sector outperform” rating on the stock in a research report on Tuesday. Stephens reiterated an “equal weight” rating and issued a $20.00 price target on shares of Myriad Genetics in a report on Thursday, January 16th. The Goldman Sachs Group dropped 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. UBS Group cut their target price on Myriad Genetics from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Finally, Piper Sandler raised Myriad Genetics from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $11.50 to $12.50 in a research report on Wednesday, March 12th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $20.89.

Institutional Inflows and Outflows

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

Myriad Genetics Stock Performance

The company has a market capitalization of $803.52 million, a price-to-earnings ratio of -6.77 and a beta of 1.79. 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 stock has a 50-day simple moving average of $11.54 and a 200-day simple moving average of $16.12.

Myriad Genetics (NASDAQ:MYGN) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.12). The company had revenue of $210.60 million during the quarter, compared to analyst estimates 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 period in the prior year, the company earned ($0.12) earnings per share. On average, analysts anticipate that Myriad Genetics, Inc. will post -0.3 earnings per share for the current year.

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.