Myriad Genetics (NASDAQ:MYGN) Reaches New 12-Month Low – What’s Next?

Myriad Genetics, Inc. (NASDAQ:MYGN)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $15.79 and last traded at $16.15, with a volume of 402743 shares traded. The stock had previously closed at $16.17.

Wall Street Analyst Weigh In

MYGN has been the topic of a number of recent research reports. Scotiabank lifted their price target on shares of Myriad Genetics from $29.00 to $34.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 13th. Wells Fargo & Company initiated coverage on Myriad Genetics in a research report on Tuesday, August 27th. They issued an “overweight” rating and a $35.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on Myriad Genetics from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Morgan Stanley began coverage on Myriad Genetics in a report on Thursday, September 19th. They issued an “equal weight” rating and a $32.00 target price on the stock. Finally, TD Cowen raised their price target on shares of Myriad Genetics from $28.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Myriad Genetics currently has a consensus rating of “Hold” and a consensus target price of $28.36.

Myriad Genetics Price Performance

The company has a 50 day moving average price of $23.66 and a 200 day moving average price of $24.63. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.90 and a quick ratio of 1.73.

Insider Transactions at Myriad Genetics

In related news, Director Colleen F. Reitan sold 46,012 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $27.95, for a total value of $1,286,035.40. Following the completion of the sale, the director now directly owns 42,533 shares of the company’s stock, valued at approximately $1,188,797.35. This represents a 51.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul J. Diaz sold 15,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $22.93, for a total value of $343,950.00. Following the transaction, the chief executive officer now owns 962,378 shares in the company, valued at approximately $22,067,327.54. This trade represents a 1.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,012 shares of company stock valued at $1,900,485 over the last ninety days. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MYGN. GAMMA Investing LLC grew its position in Myriad Genetics by 34.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,620 shares of the company’s stock worth $44,000 after purchasing an additional 412 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of Myriad Genetics by 75.3% during the second quarter. Hexagon Capital Partners LLC now owns 1,143 shares of the company’s stock valued at $28,000 after acquiring an additional 491 shares during the last quarter. Atria Investments Inc lifted its holdings in Myriad Genetics by 5.4% during the third quarter. Atria Investments Inc now owns 11,414 shares of the company’s stock worth $313,000 after acquiring an additional 581 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Myriad Genetics by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,285 shares of the company’s stock worth $87,000 after purchasing an additional 583 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in Myriad Genetics by 9.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 8,747 shares of the company’s stock valued at $186,000 after purchasing an additional 720 shares during the period. 99.02% of the stock is owned by institutional investors.

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.