Myriad Genetics (NASDAQ:MYGN) Hits New 52-Week Low - What's Next?

Myriad Genetics, Inc. (NASDAQ:MYGN - Get Free Report) shares reached a new 52-week low on Monday . The stock traded as low as $7.81 and last traded at $7.89, with a volume of 53125 shares traded. The stock had previously closed at $8.13.

Wall Street Analyst Weigh In

MYGN has been the topic of a number of recent analyst reports. 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. StockNews.com raised shares of Myriad Genetics from a "hold" rating to a "buy" rating in a research note on Thursday. Scotiabank dropped 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, April 1st. Stephens restated an "equal weight" rating and issued a $20.00 price target on shares of Myriad Genetics in a research report on Thursday, January 16th. Finally, Craig Hallum started coverage on shares of Myriad Genetics in a research note on Wednesday, February 12th. They issued a "buy" rating and a $29.00 price objective for the company. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Myriad Genetics currently has an average rating of "Hold" and a consensus price target of $20.89.

Myriad Genetics Stock Performance

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 price is $10.71 and its 200 day moving average price is $14.98. The company has a market cap of $730.47 million, a P/E ratio of -6.15 and a beta of 1.87.

Myriad Genetics (NASDAQ:MYGN - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($0.09) earnings per share 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. As a group, research analysts expect that Myriad Genetics, Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Myriad Genetics

Large investors have recently bought and sold shares of the stock. D. E. Shaw & Co. Inc. increased its holdings in shares of Myriad Genetics by 58.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company's stock worth $24,950,000 after purchasing an additional 668,429 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings 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 period. State Street Corp raised its position in Myriad Genetics by 8.3% in the third quarter. State Street Corp now owns 4,703,442 shares of the company's stock worth $128,827,000 after purchasing an additional 359,685 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Myriad Genetics by 13.9% in 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 lifted its position in shares of Myriad Genetics by 87.4% during 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 period. 99.02% of the stock is currently owned by institutional investors and hedge funds.

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.